India-Bangladesh looking to advance CEPA
Commerce and Industry Minister Piyush Goyal has given a ‘3-point Call to Action for the Industry’, saying that irrespective of problems in the northern parts of Asia-Europe, India is well on track not only to achieve US$400 billion of exports and even hoping for a closer to US$410 billion in the current year.
He said, “Explore various Free Trade Agreements (FTAs) provisions and exploit full potential. Take active part in existing (trade) negotiations, (as) FTAs are 2-way traffic. We have to be demanders and also accommodate their (foreign countries) demands
“Through actions, instil a feeling of pride in our citizens, that our products are at par or even better than global products. Make the difference visible! Gone are the days when imported meant better, “Made in India” mark should compete with global brands in every category.
“Focus on development of aspirational districts as well as Tier 2 and 3 cities. These can be the future export hubs.”
Goyal said, “Let all of us, the Industry, Government and Citizens, work together to reinforce India’s position as a world leader by increasing India’s share in Global Trade, raising share of manufacturing in our GDP and aim to reach among the top three nations in Global Services Trade.”
“Let us ‘Make in India’ for the World, for which our collective effort is of utmost importance,” he said in a keynote address at the ASSOCHAM Annual Session on ‘The great Reset: Reinforcing India’s Global Positioning’.
He stressed that Indian exports will have to really go up by leaps and bounds to continue to finance imports, especially oil, and strengthen the Rupee in the days to come.
“We will have to look at all of our traditional ways of working or doing business afresh,” he said through a video conference on 7 Mar 2022.
Goyal also listed four focus areas for strengthening India-Bangladesh relationship while looking to advance the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
Uninterrupted Supply chain is need of the hour and despite COVID-19, supply chain between the two countries were un-interrupted. Also improving this connectivity further is imperative for expansion of bilateral trade and realisation of the investment potential of Bangladesh and eastern India, he pointed out.
He also underlined the need to give more impetus to Joint Production of Defence Equipment. “Our defence cooperation has not progressed, though India offered US$500 million line of credit. Time has come to take it to the next level!”
“Explore potential areas of investments, like Textiles, Jute products, Leather & Footwear, APIs for Pharmaceuticals, Medical Equipment, Digital Health & Education Services, Agribusiness, Electronics, Renewable Energy, etc.
“India and Bangladesh can become ‘Pharmacy of the world’: During COVID-19, vaccines produced in India, – Covaxin & Covishield created a niche for themselves as safe vaccines. Time has now come for joint manufacturing of vaccines and other medicines!”
Addressing the inaugural session of India-Bangladesh Stakeholder’s meet on 7 Mar 2022, he pointed out that Bangladesh is India’s biggest trade partner in South Asia.
India has also extended three lines of credit for US$8 billion to Bangladesh, the largest concessional credit given by India to any single country.
“Indo-Bangladesh CEO Forum to promote investments is another testimony to our friendship. We are also developing two Indian Economic Zones at Mirsarai and Mongla in Bangladesh.
The Textile Industry Forum between us constituted to facilitate cooperation in the Textiles sector is also yielding results. We have over 350 Indian companies in Bangladesh now,” he said, adding that 50 young Bangladeshi entrepreneurs have been invited to visit India, which will augment strong ties. fiinews.com
