New Delhi: As Bangladesh announces to ease its visa policy for Pakistani business leaders to ‘boost’ its economic growth, India has imposed restrictions on imports worth USD 770 million from Dhaka. The Indian government has stated that the key goods, including garments, processed foods, and plastic items, imported from Bangladesh are now limited to select sea ports or barred from land routes entirely.
It may be noted that the former Sheikh Hasina-led government in Bangladesh was known to have friendly relations with India. However, ever since Hasina’s regime was overthrown and Muhammad Yunus’ administration took charge, the relations between New Delhi and Dhaka has not been smooth as the latter has been cossying up to Pakistan and China.
Experts are of the view that the restrictions imposed by India on selected Bangladeshi goods will give impetus to the domestic ready-made garment industry, particularly MSMEs. India restricted imports worth USD 770 million from Bangladesh, which would impact nearly 42 per cent of bilateral imports. The ready-made garments imported from Bangladesh will now face strict routing through only two Indian seaports.
“Indian textile firms have long protested the competitive edge enjoyed by Bangladeshi exporters, who benefit from duty-free Chinese fabric imports and export subsidies, giving them a 10-15 per cent price advantage in the Indian market,” think tank Global Trade Research Initiative (GTRI) was quoted by PTI as saying.
Bangladesh easing its visa policy for Pak business leaders
Bangladesh High Commissioner to Pakistan Iqbal Hussain Khan, who attended the Gujarat Chamber of Commerce and Industry (GTCCI) on Saturday, said Dhaka views Pakistan as a gateway to Central Asia.
“We believe in stability and economic growth in the region, which is why we are easing the visa regime for Pakistan, particularly for businessmen,“ Khan said, adding that “both countries have started granting visas to trade delegations”.
Khan further said that the bilateral trade between Bangladesh and Pakistan is expected to cross USD 1 billion this fiscal year.
(With inputs from PTI)
Bangladesh is easing visa policy for Pakistan business leaders to boost trade, High Commissioner to Pakistan Iqbal Hussain Khan said. India’s port restrictions on Bangladesh imports to help MSMEs, experts said. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
