India Dismantling Tariff Quota System For Textiles And Clothing In Bangladesh
Singer, Prime Minister of India, overthrew the traditional caution in his foreign policy and drafted a trade liberalization initiative with Bangladesh, Anand Sharma, Minister of Commerce and textile, which will become a key factor in the historic visit to Dhaka from tomorrow.
When Prime Minister Singer met with Bangladesh Prime Minister Hasina, the package
trade policy
The radical nature of this must shock everyone.
Not only because it almost demolished the existing unilateral trade system, but also because it could be a signal of trade and economic reform launched by the Prime Minister of India in the next few weeks in the India subcontinent.
During his visit to Bangladesh, the Prime Minister of India will announce the dismantling of the existing 48 textile tariff items between the two countries, as requested by Dhaka.
In fact, Dhaka wants to cancel all 61 taxes, but, after research, officials have found that 13 taxes involve energy, such as kerosene, causing some concerns.
Dhaka has asked Sharma to raise its annual textile tariff from 8 million to 10 million, but even if Sharma agrees to raise the quota, Dhaka is aware that something is still wrong.
Dhaka yearn for equality with India.
Trading partner
Relationships, or some special things, are different from those of other countries in South Asia.
Deep Moni, Minister of foreign affairs of Bangladesh, said the friendship between India and Bangladesh is equal.
India finance minister Mu Keji, business Textile minister Anand Sharma and national security adviser studied this problem together. They realized that even if they increased the tariff quota from 10 million to 14 million, Bangladesh would not be happy.
Therefore, Sharma suggested that the entire textile tariff quota be dismantled.
This will allow Bangladesh to dispel misgivings, which has little impact on India's textile manufacturers.
In addition, it will send a signal to the rest of the subcontinent. If it is indeed a security issue, India will do much more than generosity.
Government officials also said
Abolition of tax items
It's just the beginning.
Bangladesh has begun to reciprocate. Under the existing agreement, India is allowed to use Chittagong (Chittagong) port and Mangala (Mongla) port through Bangladesh rivers to enter the northeast of India.
Government officials say that if India can do so with Bangladesh, India will be able to form a real economic alliance with eight countries in South Asia.
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