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India hikes quota on RMG imports from Bangladesh
25 Apr '11
1 min read
India will increase the duty-free quota by 25 percent on export of clothing from Bangladesh to India. Along with which it will also remove duty on jute imports.
All this will help Bangladesh reduce the trade deficit in its trade with India, said the visiting Indian Minister of Commerce, Mr Anand Sharma after meeting his Bangladeshi counterpart, Mr Mohammad Faruk Khan in Dhaka.
Mr Sharma said, “We have removed countervailing duty on jute and hiked quota on readymade garments imports from Bangladesh from eight million to ten million.”
He added by saying, “Our engagement with Bangladesh and the growing economic partnership, will bring rewards for both countries, creating job opportunities and bring in prosperity and inclusive growth”.
However, reacting to the statement from Mr Sharma, Mr Khan said, “The 25 percent rise in the textiles quota is peanuts. I am pitching for 61 duty free items and am looking forward to it”.
The current bilateral trade between the two countries is around US $3.5 billion.
All this will help Bangladesh reduce the trade deficit in its trade with India, said the visiting Indian Minister of Commerce, Mr Anand Sharma after meeting his Bangladeshi counterpart, Mr Mohammad Faruk Khan in Dhaka.
Mr Sharma said, “We have removed countervailing duty on jute and hiked quota on readymade garments imports from Bangladesh from eight million to ten million.”
He added by saying, “Our engagement with Bangladesh and the growing economic partnership, will bring rewards for both countries, creating job opportunities and bring in prosperity and inclusive growth”.
However, reacting to the statement from Mr Sharma, Mr Khan said, “The 25 percent rise in the textiles quota is peanuts. I am pitching for 61 duty free items and am looking forward to it”.
The current bilateral trade between the two countries is around US $3.5 billion.
Fibre2fashion News Desk - India
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