Guwahati, Feb. 16: The business fraternity in Bangladesh, especially those keen on trade with India, feels that it is imperative to make a fresh beginning to boost trade relations with the Northeast.
A high-powered trade delegation from the neighbouring country met prominent chambers of commerce and industry in the Northeast on Saturday to push trade relations.
The meeting was organised by the Northeast Chamber of Commerce and Industry.
Talking to The Telegraph, director of Dhaka Chamber of Commerce Sayeeful Islam said frequent interactions between trade bodies of both the countries had led to the development of a conducive environment from where a fresh beginning could be made for specific steps.
The Dhaka chamber is the biggest trade chamber in Bangladesh, with 4,000 members. A task force was established by a few prominent chambers of commerce and industry from Bangladesh and Tripura to improve trade relations between the two nations.
A detailed study was conducted by A. Bayes and G. Dutta on the behalf of the South Asia Enterprise Development Facility, promoted by the International Finance Corporation after surveying all chambers in the Northeast-Bangladesh sector.
“Trade has to develop as one cannot ignore the aspirations of people from both sides,” Islam said. The study revealed that the trade worth from Bangladesh to the Northeast stood at Rs 52.6 crore while trade from the Northeast to Bangladesh was Rs 289 crore in the past year.
The share of informal trade is substantially more than that of formal trade between the two regions. Islam said the trade imbalance with Bangladesh had to be removed and a climate of trust developed “will come when both sides are ready to sit across the table and talk like friends”.
Representatives of different chambers of commerce in the Northeast were optimistic about better trade relations but said an improvement in the business infrastructure at the border was a must. Islam said: “India’s intentions have to be good to further trade relations.”
Citing an instance, he said the Centre had allowed the “letting” of 40 items without charging any duty but some of the items in the list were not produced in Bangladesh. The exporters also faced technical problems in exporting their products.
“Goods should be allowed to come directly to the Northeast to set up regular trade between both the regions,” Islam said.
The study had recommended the designating of the SBI and other banks to deal with foreign exchange and increase interconnectivity and communication by training officers in Bangladesh and India in funds transfer. He said there should be information of importers and exporters on both sides with adequate publicity material.
While coal and limestone are exported under formal trade to Bangladesh from the Northeast, mainly fish is imported from the neighbouring country.