India-Bangla Trade, now Specified for CEPA boost

 



The CEPA may be finished by 2026, by the time Bangladesh graduates to become a developing country, officials stated. Prime Minister Narendra Modi has expressed that India and Bangladesh will soon commence negotiations on a Bilateral Comprehensive Economic Partnership Agreement (CEPA). A look at the current framework, and CEPA objectives

Following a meeting with the visiting Prime Minister of Bangladesh Sheikh Hasina, Prime Minister Narendra Modi expressed that “We both believe that by taking lessons from the Covid pandemic and current global developments, we must make our economies stronger,” Modi stated.

The CEPA is likely to focus on trade in goods, services, and investment with a key purpose being the reduction of the trade gap between the two countries.

As Bangladesh is designed to become a developing nation by 2026 — after which it may no longer qualify for trade benefits that it currently enjoys as a least-developed country — it is keen to sign the CEPA in a year.

Also, India has signed CEPAs with South Korea and Japan, and the one with UAE is predicted to expand bilateral trade in goods to USD 100 billion within five years of the signed agreement and expand trade in services to USD 15 billion, leading to vaster social and economic opportunities in both nations.

CEPAs are a kind of free trade pact but these agreements or cooperation agreements are more extensive than Free Trade Agreements. CEPA usually conceals negotiation on the trade in services and investment and other areas of economic partnership.

It may even view negotiation on areas such as trade facilitation and customs cooperation, competition, and Intellectual Property Rights. It also examines the regulatory element of trade and encompasses an agreement covering regulatory matters.

Further, India gave Bangladesh 100,000 hydroxychloroquine anti-malarial tablets and 50,000 surgical gloves. It also provided Bangladesh with 30,000 COVID-19 test kits. India assisted neighbouring countries, including Bangladesh, through the SAARC framework. It trained member countries’ medical staff and was instrumental in establishing the SAARC COVID-19 emergency fund. If you need any guidance regarding Bangladesh Import Data, you can acquire valuable information by our professionals. They can ensure that accurate and authentic data reports are delivered and traders can download free Bangladesh custom data reports.

Location: Bangladesh

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