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West Bengal team, DCCI meet

New Bangladeshi products can help narrow trade gap with India
Business leaders of both Bangladesh and India have observed that the trade gap between the two countries must be reduced, giving more access of Bangladeshi products to the Indian market, says BSS.
In this respect, they suggested the establishment of new industries to produce new products and developing services in Bangladesh side by side removing all trade barriers between the two countries.
These observations were made between the members of Dhaka Chamber of Commerce and Industries (DCCI) and the Federation of Small and Medium Industries (FOSMI) of West Bengal. India at the DCCI auditorium here yesterday.
Earlier, the DCCI president ASM Quasem and the FOSMI President Salil De introduced each other s delegation members and saying both the countries are bounded by a common
cultural heritage, particularly between West Bengal and Bangladesh.
Quasem in his introductory remark referred to the first trade agreement between Bangladesh and India signed in 1972 and said India’s trade with Bangladesh did not take place in a reciprocatory manner till date.
There is a wide gap between the two countries with India's exports of 1.100 million US dollars to Bangladesh and Bangladesh's exports of only 70 million US dollars to India." he said.
The DCCI Chief said the businessmen of both the countries could contribute significantly towards bridging up this gap at a tolerable level by doing something forthwith.
Quasem pointed out that there was huge Indian goods available in Bangladesh but
Bangladeshi products were not getting access to Indian market due to both tariff and non-tariff barriers.
"Our finished goods including garments are also not getting the Indian market although we are importing raw materials for such goods from India," he said.
Describing the Bangladesh's investment policy as one of the best In the world, the DCCI chief asked the Indian business lead-, ers to come here with investment to enjoy the liberal incentives being provided by the government of Bangladesh.
He said the labour law in Bangladesh is more favourable for industrialists than that in India.
The FOSMI President expressed his sympathy to the people affected by the cyclonic storm that hit the coastal districts Monday.
Turning to the existing trade
«;ap. Salil De said he was in-ormed at an earlier meeting here yesterday that exportable items from Bangladesh were not upto the mark in the Indian market.
He said the businessmen in India were aware of the present Investment policy in Bangladesh which would help them sort out what items could be produced in Bangladesh at a cheaper cost than in India.
We have seen your investment policy and I say that we can go for even 100 per cent equity to establish a manufacturing unit here." he said, adding that some of his fellow businessmen might find interest to establish small industries in Bangladesh.
J K Paul, past president of JOSMI. said many new goods could be produced In Bangladesh which need not to be Imported from India.