Indian Commerce Minister Anand Sharma said Saturday his government is ready to pay transit charge to Bangladesh in line with the international norms.
"We have received the draft modalities prepared by Bangladesh. We will discuss it to reach a consensus. India is ready to pay the transit charge in line with the internationally established norms," he told the media after meeting his Bangladesh counterpart Muhammad Faruk Khan at the conference room of the commerce ministry.
He said trade and investment between the two countries have increased, and India will invest more in Bangladesh.
"India will invest US $ 3.5 billion in Bangladesh through joint venture under private sector initiatives in different sectors," he said.
"The investment will be in telecommunication, pharmaceuticals, food processing, chemicals and other sectors, which will create value addition, generate jobs and help increase growth of trade and commerce between the two countries," Anand Sarma said.
He has said the economies of both the countries have been growing, and the bilateral trade of the two next-door neighbours have increased manifold.
"India is a faster growing economy. The Bangladesh economy is also growing. The bilateral trade between the two countries have increased six fold. Indianinvestment in Bangladesh will help value addition, generate jobs and will lead to more export to India," he said.
Terming the meeting with the Bangladesh commerce minister as fruitful, the Indian commerce minister said, they had discussed issues relating to the growing economic partnership between the two countries.
"We have discussed all the issues. The growing economic partnership will create more opportunities to enhance bilateral trade and commerce between Bangladesh and India," he said.
He said India had agreed to allow 0.2 million more pieces of garment items to its market with the existing 0.8 million pieces.
"We have decided to raise the number to one million from 0.8 million of garment items," he mentioned.
With regard to rice and wheat export from India to Bangladesh, he said, "We are ready to supply 3,000 tonnes of parboiled rice and 2,000 tonnes of wheat".
Mr Faruk Khan termed the bilateral meeting as fruitful as the two neighbouring countries agreed to enhance bilateral trade and investment.
"We have discussed issues on trade and commerce, and reached a consensus on different matters," said Faruk Khan.
He said during the last nine months the export from Bangladesh to India increased about 16 per cent.
Faruk Khan said Bangladesh has sought duty free access of about 61 items to the Indian market, which is now under active consideration of the Indian government.
He said the export of Bangladeshi items to India increased 47 per cent during the last three months.
"From January to March in 2011 Bangladesh exported about 0.347 million pieces of garment items to India," said Faruk Khan.
About cotton import from India, he said the Indian government will fix a quota for Bangladesh, after determining their production and domestic requirement.
He said the much talked-about border 'hat' will start from June.
The Indian government has withdrawn duty from some jute and jute goods, and they will consider withdrawing restrictions on jute hessian and carpet backing cloths (CBC).
He said, the Indian government had agreed to give certification on 15 Bangladeshi items.
"India will also provide technical support to help build the capacity of Bangladesh Standard and Testing Institute (BSTI)," he said.
About regional connectivity, he said roads, railways and related infrastructures are being developed under $ 1.0 billion Indian credit.
"We have received the draft modalities prepared by Bangladesh. We will discuss it to reach a consensus. India is ready to pay the transit charge in line with the internationally established norms," he told the media after meeting his Bangladesh counterpart Muhammad Faruk Khan at the conference room of the commerce ministry.
He said trade and investment between the two countries have increased, and India will invest more in Bangladesh.
"India will invest US $ 3.5 billion in Bangladesh through joint venture under private sector initiatives in different sectors," he said.
"The investment will be in telecommunication, pharmaceuticals, food processing, chemicals and other sectors, which will create value addition, generate jobs and help increase growth of trade and commerce between the two countries," Anand Sarma said.
He has said the economies of both the countries have been growing, and the bilateral trade of the two next-door neighbours have increased manifold.
"India is a faster growing economy. The Bangladesh economy is also growing. The bilateral trade between the two countries have increased six fold. Indianinvestment in Bangladesh will help value addition, generate jobs and will lead to more export to India," he said.
Terming the meeting with the Bangladesh commerce minister as fruitful, the Indian commerce minister said, they had discussed issues relating to the growing economic partnership between the two countries.
"We have discussed all the issues. The growing economic partnership will create more opportunities to enhance bilateral trade and commerce between Bangladesh and India," he said.
He said India had agreed to allow 0.2 million more pieces of garment items to its market with the existing 0.8 million pieces.
"We have decided to raise the number to one million from 0.8 million of garment items," he mentioned.
With regard to rice and wheat export from India to Bangladesh, he said, "We are ready to supply 3,000 tonnes of parboiled rice and 2,000 tonnes of wheat".
Mr Faruk Khan termed the bilateral meeting as fruitful as the two neighbouring countries agreed to enhance bilateral trade and investment.
"We have discussed issues on trade and commerce, and reached a consensus on different matters," said Faruk Khan.
He said during the last nine months the export from Bangladesh to India increased about 16 per cent.
Faruk Khan said Bangladesh has sought duty free access of about 61 items to the Indian market, which is now under active consideration of the Indian government.
He said the export of Bangladeshi items to India increased 47 per cent during the last three months.
"From January to March in 2011 Bangladesh exported about 0.347 million pieces of garment items to India," said Faruk Khan.
About cotton import from India, he said the Indian government will fix a quota for Bangladesh, after determining their production and domestic requirement.
He said the much talked-about border 'hat' will start from June.
The Indian government has withdrawn duty from some jute and jute goods, and they will consider withdrawing restrictions on jute hessian and carpet backing cloths (CBC).
He said, the Indian government had agreed to give certification on 15 Bangladeshi items.
"India will also provide technical support to help build the capacity of Bangladesh Standard and Testing Institute (BSTI)," he said.
About regional connectivity, he said roads, railways and related infrastructures are being developed under $ 1.0 billion Indian credit.