Continuation of preferential market access after LDC graduation to be sought

Bangladesh will seek continuation of preferential market access in India for a certain period after the LDC graduation.

The fresh issue will be prioritised at the commerce secretary-level meeting between the two neighbouring countries on March 4, officials said.

Among other issues, removal of trade barriers and development of infrastructures to boost bilateral trade will be discussed in the meeting.

The officials said before the secretary-level meeting, another meeting of the joint working group of the two countries will be held on March 2 and 3 to discuss the issues.

After that, they said, decisions on some issues may be taken at the secretary-level meeting.

“The meeting, which will be held in New Delhi, will focus on duty-free benefits after the LDC graduation,” Noor Md Mahbubul Haq, additional secretary (FTA) to the Ministry of Commerce, told The Business Post on Monday.

“We will seek the preferential market access benefit minimum for three years after graduation,” he said.

“Besides, we will also raise the issues of lifting anti-dumping duty on Bangladesh’s jute products, India’s recognition on the BSTI certificate on more products and removal of trade barriers in the meeting.”

Since 2017, Dhaka has long been demanding lifting of anti-dumping duty imposed by New Delhi on Bangladesh’s jute products. Although the matter was prominently discussed in the commerce secretary-level meeting held in Dhaka last year, no significant headway is yet to be made in this regard.

Bangladesh also wrote a formal letter to the Indian authorities seeking withdrawal of the duty, according to the officials.

However, the Indian part of the Comprehensive Economic Partnership Agreement (CEPA) and expansion of bilateral trade will be at the top of the agenda in the upcoming meeting, the additional secretary said.

Tapan Kanti Ghosh, senior secretary to the commerce ministry, and his Indian counterpart will lead their respective sides in the meeting.

Officials said that extensive discussion will also be held on infrastructure development in border areas to boost bilateral trade along with talks on regional connectivity, river route development, removal of port restrictions and sharing of trade data.

At the meeting, Bangladesh will seek a solution to the issue of keeping goods at ports for a long time demanding more documents in the Customs House.

Besides, it will be proposed to increase the facilities for transporting goods by train.