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Reap maximum benefits from intra-regional trade

Commerce adviser urges Indo-Bangla businesspeople

Stab Business Report
The commerce adviser has called upon the businesspeople from both Bangladesh and India to reap maximum benefits from intra-regional trade, pointing to the huge trade gap between the two countries.
"The countries located in South Asia could resolve many important issues like poverty alleviation and promotion of trade through building up intra-regional trade ties," Dr Hossain Zillur Rahman told the AmCham (American Chamber of Commerce) Bangladesh meeting at a city hotel yesterday.
As per official data, Bangladesh imported goods from India worth US$2,229 billion in 2006-07 fiscal, while the amount was $2,009 billion in FY 2005-06 and $1,850 billion in FY 2004-05.
On the other hand, Bangladesh exported to India goods worth $289.42 million in FY 2006-07, $242.19 million in FY2005-06 and $ 143.66 million in FY 2004-05.
Trade experts say the Indo-Bangla trade in FY 2007-08 reflects that it largely tilts
towards India.
"The intra-regional trade is still at a pitiable level in the South Asian region," Hossain Zillur said.
Trade experts suggested restoration of all sources of communication link among the Saarc-member countries to push the regional trade volume beyond the present 5 percent of the total foreign trade volume of the 8 nations in the bloc. They said the South Asian Free Tirade Agreement (Safta) has created openings for the increased trade in the region.
The adviser urged the businessmen to expand the country’s export basket lessening dependence on apparels. He also lauded the domestic private sector's entrepreneurs for
developing the industrial base.
He informed the meeting that the government had already asked bureaucrats to promote a sector-wise export basket.
Replying to a query, the commerce adviser said the cost of fund is not only high in Bangladesh, but also in other countries.
"But, the central bank governor along with other stakeholders of private and public commercial banks have been working on the issue of bank interest rate. I hope an acceptable solution regarding the bank interest rate could be reached," Hossain Zillur Rahman said.
Among the dignitaries American Charge d' Affairs in
Dhaka Geeta Pasi, former commerce minister Tofael Ahmed and Country Director of Asian Development Bank (ADB) Hua Du attended the luncheon meeting where a memoran dum of understanding (MoU) was signed between AmCham Bangladesh and AmCham India to enhance cooperation between the two trade bodies.
AmCham India Chairman K N Memani and AmCham Bangladesh President Syed Ershad Ahmed signed the MoU on behalf of their respective sides.
In his speech, Syed Ershad Ahmed stressed the need for dispelling corruption to raise GDP growth, ensuring a good governance to tap the country's investment potential.