Sunday, May 26, 2019 | ePaper

Trade between BD and India must be balanced

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BANGLADESH Commerce Minister Tipu Munshi on Tuesday requested his Indian counterpart Suresh Prabhu to take necessary measures to withdraw anti-dumping duty on Bangladeshi products as they met on the sidelines of WTO ministerial meeting in New Delhi. Despite a general duty-free access of Bangladeshi products, several Indian states often impose taxes if the imported products appeared to be huge in volume. The jute products and battery could be mentioned as the examples of such Bangladeshi products to face additional duties in Indian market. However, Indian minister said that New Delhi was keen to keep the momentum of the existing, the best ever relations, between the two countries and further assured that he will take all necessary measures to address the requests from Bangladesh.
We know, the   trade   relationship   can put a   significant   effect   on   bilateral   relationship.   The geographical proximity of India to Bangladesh has made it one of its largest trading partners. Bangladesh's trade with India has become speedy in recent years. Even so, there  are  pressing  concerns  in Bangladesh regarding the large bilateral trade deficit (with India) and the large volumes of informal imports from  India  across  the  borders  which  usually dodge  Bangladeshi  import  duties. Furthermore, to accelerate the trade relation dozens of Border Haats have been set up where commodities  are  allowed  to  be  exchanged  in  local  currency  and/or barter  basis.  
There is no doubt that, the trade between Bnagladesh and India has significant contribution to the economy of both countries. When Bangladesh has got efficiency in producing some products at that time India has also achieved efficiency in some other sectors. So, the common theory of economics is that; Bangladesh will export those products which have her absolute advantage. And so does India.
What's important is that, apart from trade benefits India is also getting transit facilities - rail, road, and riverine- from Bangladesh at a minimum cost. We hope, the trade gap between the two countries will be reduced in the future and India will allow Bangladeshi goods in increased volume apparently with relaxing duties. A balanced trade will bring good for the economic health of the both countries. 

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