India, Bangladesh to sign new trade agreement

Monday, 10 March 2003, 20:30 IST
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DHAKA: India and Bangladesh are likely to finalise a new bilateral trade agreement during commerce secretary level talks in New Delhi this month. Commerce Secretary Suhel Ahmad will lead a six-member team for talks with his counterpart Dipak Chaterjee from March 24. A bilateral investment agreement will also be signed during the two-day talks since New Delhi has long been asking for such a deal, according to a commerce ministry official. The existing trade pact between New Delhi and Dhaka was signed in 1980. Last month it was extended for four months. Bangladesh wants some changes on the grounds that the deal "does not equally serve the interests of both sides". Dhaka had sent a draft of the new agreement to New Delhi in 2001 but differences over the contents delayed its finalisation, the official said. An Indian High Commission official said: "We have narrowed down our differences on the agreement and expect to finalise it during the talks." Bangladesh will request for zero-tariff access for its goods and for permission to open two trade missions as well as branches of its nationalised commercialised banks in India's northeast. Before the Bangladeshi team leaves for New Delhi, the commerce ministry here will hold a meeting to discuss issues related to the talks. Officials from different ministries and businessmen will present their views. Opinions will be invited on New Delhi's proposal to open a branch office of the State Bank of India in Chittagong and to begin pharmaceutical production in Bangladesh.
Source: IANS
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