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Bangladesh, India pledge to fix jute troubles

Star Business Report
Bangladesh and India agreed to resolve complexities in jute exports to India, Commerce Minister Tofail Ahmed said yesterday.
"There is high demand for our goods in the Indian market. But complexities arise related to the export of some products, including jute," Ahmed said in a statement after a meeting with Indian High Commissioner Harsh Vardhan Shringla at his office.
Ahmed shared the information at a time when Bangladesh's jute goods makers face investigations from India's anti-dumping authority to see whether the local millers have exported yarn or other jute goods at prices lower than fair market prices.
In October last year, the Directorate General of AntiDumping and Allied Duties (DGAD) under India's commerce ministry opened the probe, as part of its plan to impose antidumpingduties on jute items imported from Bangladesh.
The move came after the Indian Jute Mills Association accused Bangladeshi exporters, for the first time in 40 years, of selling jute products at prices lower than those in India's domestic market.
Early this month, a team of DGAD from India visited some factories here and collected data, including export prices of shipped products to India and sales prices at domestic market, said industry insiders.
The Indian authority may impose anti-dumping duties on Bangladesh's jute goods if it finds that products exported to the neighbouring country were sold at lower prices, they added. It would be a big blow to the local jute industry, some feared.
India buys 12 percent of Bangladesh’s 8.15 lakh tonnes of jute goods exported a year, with yarn bringing in a majority of the proceeds.
Bangladesh's jute sector, which involves about 40 lakh farmers and about two lakh workers, processes more than nine lakh tonnes of raw jute out of the average local production of 13.5 lakh tonnes a year.
About 90 percent of jute goods are shipped abroad. Jute yarn and twine account for 65 percent of the sector's annual export receipts of over $850 million, according to data from the Export Promotion Bureau and Bangladesh Jute Spinners Association.
Ahmed said Bangladesh's exports to
India are rising. It grew 31 percent in the last nine months, said the statement.
He noted that trade balance favouring India is not harmful for Bangladesh as the country imports various raw materials from India. However, both countries need to work to narrow the trade imbalance, he added.
Shringla said economic ties between the two countries are improving fast. India will welcome any investment from Bangladesh, he added.
An increase in the number of border haats will benefit people of both countries, said Shringla.
Currently, there are four border haats in operation; 2 more are currently being built. Establishment of 7 more such haats is also under consideration, according to the statement.