FBCCI asks India to ease trade policy

Finance Minister AMA Muhith, second from right, Food Minister Abdur Razzaque, extreme right, and FBCCI President AK Azad, extreme left, welcome visiting Indian Commerce Minister Anand Sharma, second from left, to a luncheon meeting, organised by the apex trade body in his honour at Sonargaon Hotel in Dhaka yesterday. Photo: STAR

The country's apex trade body yesterday urged the visiting Indian Commerce Minister Anand Sharma to relax the services sector investment policy so that Bangladeshi entrepreneurs can invest there.
“Bangladesh has a unilateral, liberal and open services and investment policy under its domestic regulations for the Indian investors,” said AK Azad, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
“We therefore urge India to provide access to its services sector along with duty and quota free market access for all products from Bangladesh, under a Bangladesh-India free trade agreement (FTA), which may be adopted by 2011,” said Azad.
Azad was speaking at a luncheon meeting hosted by the FBCCI, in honour of Sharma at Sonargaon Hotel, where ministers, government high-ups, businessmen and diplomats of both the countries were present.
The FBCCI president also requested the Indian commerce minister to treat Bangladeshi products equally like Indian products.
Azad requested the governments of Bangladesh, Bhutan, India and Nepal to expedite talks on regional energy cooperation framework to meet the growing energy demands.
The Indian minister said: “Bangladesh and India share a rich culture and heritage. We should focus on regional integration for the interest of both countries as Asia slowed in the regional integration compared with American and European countries.”
Sharma said they will inaugurate the border haat in June this year to boost local business and trade for both the Bangladeshis and Indians.
The FBCCI president stressed the need for removing all sorts of trade barriers to foster the bilateral trade between the two countries.
He called upon both the countries to harmonise documentation, simplify customs procedures, and improve infrastructures of roads and communication.
The Federation of Indian Chambers of Commerce and Industry (FICCI) formally launched a website to boost business between the two countries.
Finance Minister AMA Muhith and FICCI President Harsh C Mariwala also spoke at the meeting.