Rupee-taka trade to be game changer in India-Bangladesh economic ties: Assistant High Commissioner of India at Ctg

Indian Assistant High Commissioner at Chattogram Dr Rajiv Ranjan has said the mechanism of trade settlement in Indian rupees could be a game changer in India-Bangladesh economic and commercial ties. 

Speaking at a "Workshop on prospects of India-Bangladesh trade in Indian rupee" organised at the Peninsula Hotel on Sunday, he urged the business leaders in Chattogram to come forward and utilise this instrument to boost trade flows between the two countries. 

While enumerating the benefits of this initiative, Ranjan said rather than coming to a quick conclusion, some time should be given for this mechanism to settle in.

The workshop was organised for raising awareness and to have a better understanding of the landmark initiative- India Bangladesh trade in Indian Rupee. The key stakeholders in this step – the Bangladesh Bank, Eastern Bank Ltd, Sonali Bank and State Bank of India – participated in this deliberation.

He said Bangladesh and India's relationship has transformed significantly over the last decades. 

"The most important manifestation of that transformation is our evidently growing economic and commercial ties and activity links. Today, Bangladesh and India are the biggest trade partners in South Asia and the fifth largest trade partner globally. Also, India is Bangladesh's second largest trading partner after China. In the last five years our bilateral trade has more than doubled."

India has been the fifth largest economy and a huge diverse market has always been the top export destination for Bangladesh in Asia, so the settlement in rupee and taka will boost bilateral business, he added.

Shri Amit Kumar, head of Bangladesh operation of State Bank of India, gave a detailed presentation and also answered queries and concerns of the attendees. 

Md Badiuzzaman Didar, director, Bangladesh Bank; Md Shaheen Ahmed Addl. MD, EBL; Subhash Chandra Das and Saiful Aziz  from Sonali Bank, also expressed their views and encouraged local traders to take maximum advantage of this mechanism.

At the workshop, Md Sayed M Tanvir, managing director of Pacific Jeans, Abdus Salam former Chattogram Development Authority chairman and chairman of Well food group Shariar Jahan Rahat, deputy managing director of KSRM group, newly elected president and vice president, directors of Chittagong Chamber of Commerce and Industry, a few directors of the women chamber, participated in the deliberation besides representatives from BSRM, Ispahani group, AQ&S and other business leaders of Chittagong.