Bangladesh is failing to garner benefit from duty-free market access to India had offered to its neighbour because of non-tariff barriers, a junior minister said Monday.
"Although the country's garment industry has duty-free access to the Indian market, it can't benefit from the facility due to non-tariff charges," state minister for Textile and Jute Miza Azam said after inaugurating a two-day Indian man-made textiles exhibition in the city.
He also underscored the need for addressing the trade imbalance issue in a win-win situation. Bangladesh has been suffering from chronic trade deficit with India for decades.
Mr Azam also invited the Indian traders to set up man-made textiles industry in Dhaka through joint ventures with the local business people as there is huge demand of such items.
"We aren't self-sufficient in manufacturing the synthetic products. That's why, we are looking for a reliable country to meet the growing demand of such items," the state minister said.
The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) and Indian High Commission, Dhaka jointly arranged the textiles exposition styled 'Intexpo Bangladesh 2014'.
A total of 22 leading Indian manufacturing and importing companies are displaying their latest range of man-made textile items like suiting, shirting, dressing materials, embroidered fabrics, high fashion, furnishing, home textiles stoles, shawls, laces, synthetic and blended yarns in the exhibition.
Terming the event an effective platform for India and Bangladesh, the minister said it will create an extensive opportunity to know each other, which will help increase bilateral trade between the two nations.
The BGMEA acting president urged the Indian authorities to ease what he called "complex" visa processing for Bangladeshi traders, making business transaction difficult.
The inaugural function was also attended by Deputy High Commissioner of India Sandeep Chakravorty, Acting President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Harun-Ur-Rashid, Acting President of Bangladesh Garments Manufacturers and Exporters Association (BGMEA) Md Shahidullah Azim, India-Bangladesh Chamber of Commerce of Industry President Mohammad Ali, SRTEPC Executive Director V Anil Kumar and Past Chairman and Convener of the Export Promotion Committee Sanjeev Saran.
The display will remain open for the visitors from 10am to 7pm. There is also arrangement for local businessmen to interact with their Indian counterparts.
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