Working on dismantling non & para-tariff barriers with India: Bangladesh HiCOM 

India and Bangladesh are working on dismantling the Non-Tariff and Para-Tariff Barriers, said High Commissioner of Bangladesh Syed Muazzem Ali.

He was speaking at the seminar “Bangladesh's Graduation from LDC: New Frontiers and Horizons for India-Bangladesh Economic Engagement” jointly organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Bangladesh High Commission here on Wednesday.

Bangladesh has recently graduated from "Least Development Category" of the United Nations Committee for Development Policy.

Mr Ali said that India and Bangladesh could renew economic engagements in the light of Bangladesh's graduation from LDC and India's emergence as a global power with strong economic growth.

"We seek substantial investment from Indian investors in three special economic zones of Mongla, Bheramara and Mirsarai in Bangladesh to broaden our exportable base,” he said, and added, "we could engage in a series of 'buy-back' projects similar to those between USA and Canada."

He said that Bangladesh-India bilateral ties could also act as a catalyst for strengthening regional and sub-regional cooperation and integration, adding "both the countries are working on strengthening the sub-regional cooperation under the BBIN initiative as well as inter-regional cooperation under the aegis of BIMSTEC and ASEAN."

Md. Abul Kalam Azad, Principal Coordinator (SDG Affairs), Prime Minister's Office, Bangladesh in his presentation said that way forward for Bangladesh following its graduation from LDC would be to increase investment in human development, overcome infrastructure gap, invest in quality education and research, adopt innovation and digitalization, enhance north-south, south-south, triangular cooperation and diversify export.

Dr. Ram Upendra Das, Head & Professor, Centre for Regional Trade, Department of Commerce, Govt. of India said “South Asian economic integration has not moved at the pace it could have. It is high time we adopt an integrated approach to trade in goods, services, and investments so as not to miss out on the synergies between the three.”

Manish Singhal, Deputy Secretary General, FICCI said that a thriving well-connected and an integrated neighbourhood is indispensable for economic growth, “the classification of Bangladesh as a developing country would certainly leapfrog the existing bilateral engagement between India and Bangladesh," he added.