Bangladesh Trade Delegation In WB

Kolkata: A team from the ministry of commerce of Bangladesh said it was West Bengal and India on a mission to understand the details of how the private sector can increase the overall trade scenario in the country, and public-private-partnership models. The Bangladesh government felt that the private sector was the engine of growth to promote trade. The team visited Delhi earlier in the tour, and met the faculty of the Indian Institute of Foreign Trade, and the members of India Trade Promotion Organisation (ITPO), Federation of Indian Chamber of Commerce & Industries(FICCI), Confederation of Indian Industries(CII) to know the Indian model of entrepreneurship development. The ministry of commerce was in the process of implementing the Bangladesh Trade Support Programme, and exploring the possibilities of foreign investment.

Currently, India''s export to Bangladesh was $1627.48 millions, and imports at $216.06 millions. The balance of trade was tilted in favour of India. The volume of trade amongst members of trade blocks like the European Union(EU) or North American Free Trade Agreement(NAFTA) was more than 50 per cent but the volume of trade amongst the member countries of SAARC was less than 5 per cent of the total trade of the countries. Issues and hurdles blocking trade between SAARC countries had to be sorted out through bilateral and multi-lateral meetings. Bangladesh was interested to increase items in the Free Trade Agreement with India.