The Indian Prime Minister Manmohan Singh is likely to pay a visit to Bangladesh towards the beginning of 2011. During this visit, Bangladesh is expected to obtain a duty-waiver for export of proposed 61 commodities to India.
The Government of Bangladesh had put forward a proposal to India asking for duty-waiver for various products which involves 54 readymade apparels, in an offer to reduce the trade gap between both the countries.
The Bangladeshi Commerce Minister, Faruk Khan also tried to persuade India for the duty-waiver while he paid a visit to India.
According to Khan, the announcement of the duty-waiver is expected either during the Indian Prime Minister's visit to Bangladesh or anytime in the coming year. The prospect of the duty-waiver is quite high as both India and Bangladesh had agreed on the stand in October.
He further added that the Indian Government has taken 61 commodities into consideration for the duty-waiver which is likely to benefit both the countries.
According to the deal signed in 2007, the country, currently, enjoys zero-duty facility in shipping eight million garment pieces to India.
The Prime Minister of Bangladesh, Sheikh Hasina recommended a much wider duty-free proposal for the readymade garments of Bangladesh to India, while she paid a visit to India in January, this year. Bangladesh is also demanding the removal of non-tariff barriers like hidden taxes on garments from India.
Fibre2fashion News Desk - India
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