Forge warmer ties with trade, says Indian Finance Minister Jaitley

Dhaka and New Delhi should boost trade relations to reflect their rich common roots, Indian Finance Minister Arun Jaitley has said.

Jaitley arrived for a three-day tour of Dhaka on Tuesday. He attended a programme on India-Bangladesh trade ties at a Dhaka’s Sonargaon hotel, which drew participation of top Bangladesh ministers and business leaders.  

He said both India and Bangladesh have been extremely focused on internal progress. The two governments have been closely interacting with each other in recent years, he said.

“We are two countries, neighbours tied together by history, joined by common border, having great civilisational and cultural links to each other,” he said.

“We are now trying to make economic integrity, economic relationship.”

Jaitley sees potential for growth in Bangladesh’s agriculture, drugs, tourism, health, education, research and films.

He believed the joint investment will make these sectors flourish and contribute to the development goals of both India and Bangladesh.   

But Commerce Minister Tofail Ahmed brought up how India has been gaining more from bilateral trade and urged the Indian minister to take steps to reduce trade deficit.

Trade between Bangladesh and India has reached $6 billion a year, Tofail said. The figure  was $3.1 billion six years ago.

India imported goods worth $600 million in the last 2016-17 financial year, as opposed to Bangladesh whose imports from India stood at $6.4 billion, said the minister.

He urged Jaitley to take steps against ‘anti-dumping’ and remove other barriers for set back Bangladesh goods in the Indian market.

All such issues can readily be fixed through discussion, Jaitley then said.  

The two Indian special economic zones in Bangladesh, once fully operational, will contribute to developing industry.

“They are located close to the Indian border. They would serve as great examples of joint cooperation.”

Jaitley, also minister for corporate affairs, is scheduled to make an address on India’s collective economic initiatives for a programme jointly organised by Policy Research Institute and the Indian High Commission at 11am Wednesday.

The address will be broadcast live on bdnews24.com from Dhaka’s Pan Pacific Sonargaon Hotel.