They also pointed out that containerised movement of cargos by road transportations, railways and inland waterways should be facilitated at the earliest possible date.

They reached the agreement at the first meeting of the six task forces formed to promote trade and investment between the two neighbouring countries.

The task forces were formed according to a Memorandum of Understanding (MoU) signed between the FBCCI and the Federation of Indian Chambers of Commerce and Industry (FICCI) on March 21 in New Delhi during Prime Minister Khaleda Zia's visit to India.

The task forces are on bilateral trade, raising Indian investment in Bangladesh, trade-related infrastructure, removal of trade disputes, non-tariff barriers and on activating programmes of Bangladesh-Indian Chamber of Commerce and Industry.

The meeting was held at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka yesterday.

During the daylong meeting, the task forces formulated a set of recommendations on six areas of cooperation for consideration by the respective governments. "The recommendations will be placed at a commerce minister level meeting scheduled to be held in Kolkata on June 20," said FBCCI President Mir Nasir Hossain, who led the home side, at a press conference after the meeting.

Mir Nasir and BK Bajoria of FICCI signed a joint statement on the recommendations.

"Even if thirty per cent of the recommendations are implemented, bilateral trade will be doubled in just one year," said Indian delegation leader Bajoria.

Terming the meeting an icebreaking event, the FBCCI chief said for the first time ever both the countries have discussed in a formal way to remove the barriers relating to trade and investment. "The two federations are acting as catalyst to find out and remove the hindrances," he said.

The recommendations include finalisation of investment protection and promotion treaty, setting up of industrial parks for Indian investments in Bangladesh, setting up of new land customs stations for bilateral trade between Bangladesh and North Eastern Indian states, formation of a panel for resolution of trade disputes.

The task forces also recommended setting up of testing laboratories close to the border areas, simplification of licensing system, documentation and procedural requirements and efficiency development of the North Eastern Indian banks.

The task force on bilateral trade also agreed to allow duty-free access of 16 Bangladeshi items to India. The list includes five items -- iron ore, paper-pulp, limestone, plastic and plastic products, and fruit pulp -- where the raw materials have to be imported from India, processed in Bangladesh and exported back to India.

The other eleven commodities, which have a minimum 20 per cent of value addition, include fish and fish like products, edible oil, automotive battery, cosmetics and toiletries, electric copper wire, jute and jute related products, melamine, leather and leather products, pharmaceuticals and footwear.