15 More Items Get Duty-Free Access to India.

India has given duty-free access to another 15 Bangladeshi products, a move aimed at minimising the huge trade gap between the two neighbouring countries, a commerce ministry statement said yesterday.

Within three months, India has given the facility to Bangladesh for all the 61 products, a long-time demand of the Bangladesh side.

The 15 products are betel nut, toilet or facial tissue paper, plastic monofilament, fresh potato, refined coconut oil, printed paper/paper board label, lubricating oil, CR coil, CI sheet, GP sheet, iron bar/rod, SS bar/rod, iron angle/shape/section and bones of slaughtered animals, the statement said.

The Indian Customs Department published a circular on November 9 in this regard, the commerce ministry statement said.

Of the total 61 products, duty- and quota-free entry for 46 garment items were given during the visit of Indian Prime Minister Manmohan Singh in September with immediate effect. The 46 items include 24 knitwear products, 21 woven garment items and another is silk fabrics item.

BSS adds: Commerce Minister Faruk Khan welcomed the Indian government decision saying it would help strengthen Dhaka-Delhi trade relations further.

He said the two-way trade deficit would come down to a large extent in the days ahead because of the tariff treatment.

The minister, however, pointed out that Bangladesh might face challenges regarding the greater market access to the neighbouring country. "But we are much more confident that we would be able to do better to this end."

India is Bangladesh's second most important import source after China and ranks fifth as Bangladesh's export destination.

According to commerce ministry data, the bilateral trade gap of Bangladesh with India was $4.08 billion in 2010-11 fiscal year. During this period, Bangladesh imported goods worth $4.59 billion and exported goods worth $512 million.

Source : thedailystar.net