Barua proposes free-market zone for SAARC countries

Industries Minister Dilip Barua Thursday proposed a 'free market zone' with zero tariff for the SAARC member countries with the spirit of SAFTA for sustainable regional development and cooperation as well as for the betterment of common people, reports UNB. He also urged the Indian government to simplify visa regime for Bangladeshi businesses and issue four-month multi-entry visa to help boost trade relations between the two close door neighbours. Barua was speaking as the chief guest at the inaugural ceremony of the second India-Bangladesh Trade Fair-2011 at Sonargaon Hotel in the city. India Bangladesh Chamber of Commerce and Industry (IBCCI) with the support of Indian High Commission in Dhaka arranged the 3-day trade fair to provide the manufacturers and exporters of both countries a unique opportunity of showcasing their products. Minister for Industries of Mizoram State of India S Haito, FBCCI president AK Azad, Director General of Indian Chamber of Commerce (ICC) Rajeev Singh, CEO of HSBC Sanjay Prakash and Bashundhara Group Deputy Managing Director Mustafizur Rahman also spoke at the function, chaired by IBCCI president Abdul Matlub Ahmed. Mentioning the sound investment environment in Bangladesh, Barua urged the Indian entrepreneurs to invest more in the country. "At the same time, I think, there is ample opportunity of investment in the northeastern part of India for the Bangladeshi entrepreneurs," he said. Speaking at the function as the special guest, Mizoram's Minister for Industries S Haito said: "There is no insurgency in Mizoram. Bangladesh can invest safely there. Our government will ensure all-out support in this connection." He said opening of border trade would ensure trading to meet the requirements of both sides. Haito requested all to work harder towards building a durable relationship based on mutual trust by encouraging people-to-people contact at all levels so as to arrive at a win-win solution. He also invited Industries Minister Dilip Barua to visit Mizoram with a business delegation as soon as possible to explore business opportunities there. FBCCI president AK Azad said Bangladesh's export to Indian market did not increase in the desired manner due mainly because of poor negotiations from the Bangladesh side.