Framework for listing of Commercial Paper (See 'Dashboard') Santosh Gangwar: State crucial to implement labour laws (See 'Corp Brief') More Swiss tech for Indian Railway (See 'Corp Brief') Goa joins hands with Khadi Commission to boost local employment (See 'Corp Brief') Tata Steel to cull jobs from Dutch unit; expects to save USD 930 mil from cost cutting Infosys may face US class action amidst allegations of investment irregularities Nandan Nilekani: CEO, CFO recused from audit investigations into Infosys affairs Trade Marks Act, 1999 - Trade Marks Rules, 2017 cannot do way with statutory obligation of Registrar to communicate refusal of Trademark application with grounds of rejection : HC (See 'Legal Desk') PCA, 1988 - High Court cannot deny bail to P Chidambaram merely on speculation that witnesses are being influenced without any material basis: SC Larger Bench (See 'Legal Desk') INX media case: SC grants bail to Chidambaram in CBI case GST rate on Waste to Energy Plant/Devices executed on EPC basis (See 'THE INSIGHT' in Taxongo.com) Competition Act, 2002 - Scheme of act, 2002 contains no provision that makes recommendations of DG binding upon the Competition Commission: HC (See 'Legal Desk) Arbitration & Conciliation Act, 1996 - If factual findings about termination of contract survives challenges u/s 34 & 37 before High Court, SLP is not maintainable: SC (See 'Legal Desk) Arbitration & Conciliation Act, 1996 - Manner of appointment of substitute arbitrator is same as that of first arbitrator appointed by the Court where existence of agreement is derived from conduct of parties: HC (See 'Legal Desk) DHFL says Bank securitisation deals in-compliant with RBI norms Indigo look east policy; focuses on China, Southeast Asia Whistleblowers accuses WIPRO top management of taking unethical steps to boost revenue BSNL unite with YuppTV; ventures into video on demand market Govt clarifies on domestic manufacturing of solar cells (See 'Corp Brief') Goyal on tour to Sweden - 70 Indian Cos operating there (See 'Corp Brief) Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 (See 'Dashboard') Foreign Exchange Management (Debt Instruments) Regulations, 2019 (See 'Dashboard') Anil Kumar Gautam takes over as Director (Finance) at NTPC DHFL resolution hits wall; bondholders to approach bankruptcy court (See 'Corpbrief') DRDO signs 30 Tech Transfer agreements (See 'Corpbrief') PMC Bank case: SC declines PIL by depositors to relax withdrawal restrictions Nikhil Gandhi takes charge of TikTok India Adani Group coal import case: HC helds Letters Rogatory non-conforming to applicable standards IL&FS case: HC grants Deloitte Haskins interim relief from coercive action in criminal proceedings

Piyush Goyal encourages more synergy between India-Bangladesh industries

Published: Oct 04, 2019

By TIOL News Service

NEW DELHI, OCT 04, 2019: THE commerce minister, Mr Piyush Goyal, during the India - Bangladesh Business Forum held here today, has said that India and Bangladesh are not competitors but collaborators in making both countries prosperous and ensuring a better future for their people. The Prime Minister of Bangladesh, Sheikh Hasina, was also present at the meeting.

Piyush Goyal urged Indian industry to be part of Bangladesh's growth story with greater investment in infrastructure, technology and energy where Bangladesh has huge potential. This will help to create more balanced trade between the two countries added Piyush Goyal.

Commerce & Industry and Railways Minister assured the visiting Prime Minister that India stands committed to every request that Bangladesh has in railways sector because the connectivity that the expansion in railways will bring to both countries will boost trade and also give greater and smoother access to the North East region of India.

Bangladesh Prime Minister thanked the Government of India and the three Chambers of Commerce and Industry for giving this opportunity to the Bangladesh Government and Industry to interact with Indian business heads. Bangladesh Prime Minister informed that three Special Economic Zones have been set up in Bangladesh for Indian investors and hoped that this will broaden the export base of Bangladesh.

On this occasion two Government to Business (G2B) MoUs were signed between Start up Bangladesh and Tech Mahindra and Bangladesh Economic Zones Authority and Adani Ports and SEZs.

Bangladesh is India's biggest trade partner in South Asia. Bilateral trade between India and Bangladesh has grown steadily over the last decade. India's exports to Bangladesh for the financial year 2018-19 (April-March) stood at USD 9.21 billion and imports from Bangladesh for the same period stood at USD 1.22 billion.

India and Bangladesh have trade agreement which is facilitative in nature. India and Bangladesh are members of various regional trade agreements including the Asia Pacific Trade Agreement (APTA), SAARC Preferential Trade Agreement (SAPTA) and the Agreement on South Asian Free Trade Area (SAFTA) which govern the tariff regimes for trade. Under SAFTA, India has granted duty free quota free access to Bangladesh on all items except alcohol and tobacco. Various bilateral institutional mechanisms including Commerce Secretary Level Meeting, Shipping Secretary Level Talks, Joint Working Groups on Trade, Customs and Fisheries and Sub-groups on Banking and LCS/ICP Infrastructure meet regularly.

Four Border Haats, two each in Tripura (Srinagar and Kamalasagar) and Meghalaya (Kalaichar and Balat), have been established for the benefit of communities living along the border areas of both countries. Ten additional Border Haats on the India-Bangladesh border are under implementation.

Cumulative Foreign Direct Investment from India to Bangladesh has more than doubled from USD 243.91 million in 2014 to USD 570.11 million in December 2018. Indian companies have invested in various sectors including telecommunications, pharmaceuticals, FMCG and automobiles sectors in Bangladesh. During Bangladesh Prime Minister, Sheikh Hasina's visit in April 2017, 13 agreements worth around USD 10 billion of Indian investment mainly in power and energy sectors in Bangladesh were signed.

Bangladesh is the biggest development partner of India today. India has extended 3 Lines of Credits (LOCs) to Bangladesh in the last 8 years amounting to USD 8 billion.

In addition to LOCs, the Government of India has also been providing grant assistance to Bangladesh for various infrastructure projects such as the Agartala- Akhaura rail link, dredging of inland waterways, India Bangladesh Friendship Pipeline, and High Impact Community Development Projects (HICDPs) in the areas of education, health, water, culture, urban development, disaster management and community welfare.

 

TIOL CORP SEARCH

TIOL GROUP WEBSITES