Over the coming two days, India will engage in talks with its neighbour Bangladesh to round up negotiations on a Comprehensive Economic Partnership Agreement (CEPA). Bangladeshi Commerce Minister Tipu Munshi begins his two-day visit today and is expected to meet Union Minister of Commerce and Industry Piyush Goyal, his Indian counterpart. They are rumored to hold a joint media briefing.
Bangladesh reportedly has its eyes set on a free trade pact with India while the Modi government is adamant on narrowing the widening trade deficit.
According to the Financial Express, the ministers will focus on India extending essential supplies such as wheat to Bangladesh to compensate for the food shortage caused by the ongoing Russia-Ukraine war. The publication also speculates that Bangladesh will raise talks on anti-dumping duty on jute.
A CEPA between India and the United Arab Emirates most recently came into force on May 1, 2022. The agreement got rid of customs duty levied on various products such as jewellery products. It is expected to increase the total value of bilateral trade in goods to over USD 100 billion and trade in services to over USD 15 billion within five years, the Ministry of Commerce and Industry said in a statement.
CEPA negotiations with Bangladesh are of increased significance as Goyal targets to reach a value of $1 trillion goods exports by 2030.
"I think it's possible and I come with renewed enthusiasm after having achieved India's historic high of $400 billion plus exports for the first time ever," he had said in March.
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