India Announces 25% Hike in Duty Free Textile Quota From Bangladesh.

It seems that the Indian government is on the spree of improving bilateral ties with its neighboring country, Bangladesh. Following a visit to Bangladesh, the two countries have shown interest in promoting the trade within the countries in order to improve their relation.

Confirming the news, Indian Minister of Commerce, Mr. Anand Sharma announced, “We have removed countervailing duty on jute and hiked quota on readymade garments imports from Bangladesh from eight million to ten million”.

In order to fasten the trade, Mr. Anand Sharma committed to raise the slab of duty free quota on export of textiles from Bangladesh to India by 25%, though his Bangladeshi counterpart, Mr. Mohammad Faruk Khan, pressed for
61%.

Though the Dhaka government is closely monitoring the progress of a cement plant by Lafarge in Chattak, which had run into controversy following the hurdles imposed by the environment ministry, the two countries are intensifying discussions to sign a deal to generate 500 mw power of electricity to Bangladesh.

Moreover, the two countries have agreed on pushing business ties, especially in energy sector, so as to generate employment opportunities for both the countries and further, to increase the bilateral trade between the two countries.

Source : newstonight.net