Union cabinet clears MoU between India and Bangladesh on trade remedial measures
The MoU was signed during PM Modi’s visit to Bangladesh on March 27
The Union Cabinet in its meeting on Tuesday chaired by Prime Minister Narendra Modi has given its ex post facto approval to the Memorandum of Understanding between the Director General of Trade Remedies of India and the Bangladesh Trade & Tariff Commission on the establishment of a framework of cooperation in the area of trade remedial measures signed on March 27, 2021 at Dhaka.
According to a statement, the primary objective of the MOU is to promote cooperation between the two countries in the area of Trade Remedies, covering the broad activities related to exchange of information, undertaking capacity building activities and activities in accordance with various provisions of World Trade Organization in the area of anti-dumping, countervailing and safeguard measures in bilateral trade between India and Bangladesh.
The MOU seeks to foster better cooperation between the relevant authorities of both the countries so as to discourage unfair trade practices and promote rule based bilateral trading between the two countries.
During Indian Prime Minister’s official visit to Bangladesh on March 26-27 the two countries had entered into 5 MoUs.
In their meeting on March 27, the two underscored the need for removal of non-tariff barriers, a joint statement issued by the governments of the two countries had said then.
In order to strengthen bilateral trade, Modi and Hasina stressed on the need for predictability of trade policies, regulations and procedures.
Both sides had emphasized on expeditious conclusion of the ongoing joint study on the prospects of entering into a Comprehensive Economic Partnership Agreement (CEPA).
They had stressed on the urgent need for up-gradation of infrastructure and facilities of the Land Customs Stations (LCSs) / Land Ports in a coordinated manner to facilitate trade between the two countries.
They had also reiterated the importance of harmonization of standards and mutual recognition of agreements and certificates for enhancing bilateral trade.