Bangladesh, Our Biggest Trading Partner: PM Modi After Talks with Sheikh Hasina
Following PM Modi and PM Sheikh Hasina's recent meeting, 7 Memoradum Of Understanding (MOUs) in major sectors, including rail and space, were signed. Apart from signing these agreements, both countries have unveiled a list of connectivity and infrastructure projects aimed at improving People-to-People connectivity and the ease of doing business with our neighbour. For the smooth flow of trade, various road projects, rail projects, and port development projects have been proposed. The countries hope to boost their economies as a result of this. This will be a fantastic opportunity for MSMEs looking to export goods and services to Bangladesh.
Addressing the joint press meet with Bangladesh PM in New Delhi, PM Modi said, "Bangladesh is India's biggest development partner and our biggest trade partner in the region. There is a continuous improvement in the people to people cooperation."
Source: PM Modi channel on Youtube
Bangladesh is India's largest trade partner in the South Asian market. Various proposals for Free Trade Agreements (FTAs) and Agreements on Comprehensive Economic Partnership Agreements (CEPA) were concluded during the round of talks between PM Modi and PM Sheikh Hasina. Key sectors include Textlies, Jute, Pharmaceuticals, Auto Mobiles & electronics. The CEPA is expected to focus on trade in goods, services, and investments, with a central objective of narrowing the trade gap between the two countries. MSMEs dealing in this sector to benefit from this CEPA which results in reduced tariffs and eliminates barriers to trade with Bangladesh.
Source: Economic times