Trade deficit with India from 2001-02 to 2007-08 was US dollar 12278.26 million

Bangladesh’s trade deficit with India from 2001-02 to 2007-08 fiscal years was US Dollar 12278.26 million.
Commerce Minister Muhammad Faruq Khan said this in the House today in reply to a question raised by treasury bench member Mohammad Israfil Alam.
He said the country’s trade deficit with India was 968.71 million in 2001-02, 1274.18 million in 2002- 03, 1513.23 million in 2003-04, 1881.59 million in 2004-05, 1626.04 million in 2005-06, 1979.59 million in 2006-07 and 3034.92 million dollars in 2007-08.
“The government has undertaken different steps to reduce the trade deficit with India,” he said. The measures include initiatives to export more duty-free commodities to India under the South Asia Free Trade Arrangement, formation of joint-secretary level Joint Working Group on Trade for removal of non-tariff barrier, steps for development of physical infrastructure of land customs stations and road infrastructure to expand land trade between the two countries.
Besides, the commerce minister said, initiatives have been taken to accept the Bangladesh Testing Laboratory-issued certificates by India.
To familiarize the Bangladeshi products in India, he said arrangements have been made for regular participation of Bangladeshi exporters in different international trade fairs in Delhi, Kolkata and India’s northeastern states.
Faruk Khan also said that the Bangladesh government has been maintaining regular contact with India’s Tripura Chamber of Commerce and other chamber bodies to increase exports to India’s north- eastern states.
Responding to another question from BNP lawmaker Mohammad Abul Khair Bhuiyan, he said no new trade agreement was signed between Bangladesh and India but the ‘Trade Agreement Between Bangladesh and India’ is existing to expand trade between the two countries.
“The agreement has been expanded for three years in February this year without any amendment to its Article 13,” he said.
As a result, the commerce minister said, Bangladesh has been exporting raw jute, chemical fertilizers, leather, toilet soaps, woven garments, jute and jute products, yarn and twiyarn, frozen foods, nuts, cement cut flowers, accumulator, battery and other engineering goods to India.
He said Bangladesh has so far signed trade agreements with 38 countries and the process of signing agreements with Russia, Tajikistan and South Africa is underway.

BSS, Dhaka/The New Nation