India is the largest market in Asia for Bangladesh's exports, PM Modi said

Pointing out that Bangladesh is India's largest trade partner in the region, Prime Minister Narendra Modi on Tuesday said that talks on a Comprehensive Economic Partnership Agreement (CEPA) would begin soon.

India is the largest market in Asia for Bangladesh's exports, he noted as he held extensive discussions on bilateral, regional, and international issues with Bangladeshi Prime Minister Sheikh Hasina in New Delhi.

During the talks, the two leaders also stressed on cooperation against terrorism and radicalism. "To keep the spirit of 1971 alive, it is also very important that we fight together such forces, which want to attack our mutual trust," Prime Minister Modi said during a joint press meet with his Bangladeshi counterpart.

INDIA-BANGLADESH BILATERAL TRADE GROWING RAPIDLY

"We both believe that by taking lessons from the COVID pandemic and recent global developments, we need to make our economies stronger," PM Modi noted.

With the expansion of connectivity between India and Bangladesh and the development of trade infrastructure on the border, the two economies will be able to connect more with each other, Prime Minister Modi said.

"Our bilateral trade is growing rapidly. Today, India is the largest market in Asia for Bangladesh's exports. To further accelerate this growth, we will soon start discussions on the Bilateral Comprehensive Economic Partnership Agreement," he said.

Expressing confidence that the India-Bangladesh friendship will touch new heights in the next 25 years, PM Modi said the two sides had decided to increase cooperation in sectors like IT, space and nuclear energy, which are of interest to our younger generations.

"We will also continue to cooperate on climate change and on preserving a common heritage like the Sundarbans," he added.

INDIA, BANGLADESH SIGN 7 PACTS

On Tuesday, India and Bangladesh signed seven Memorandums of Understanding (MoUs) related to water sharing, railways, space, science, judiciary and broadcasting.

Prime Minister Modi described the MoU on sharing water of the Kushiyara river as "important", Prime Minister Modi said this will benefit Southern Assam in India and Sylhet region in Bangladesh. He pointed out that there are 54 rivers that pass through the Indo-Bangladesh border, and have been linked to the livelihood of the people of the two countries for centuries.

The two leaders also jointly unveiled Unit-I of the Maitree Super Thermal Power Project. Being constructed under India’s concessional financing scheme, the Project will add 1320 MW to Bangladesh’s National Grid.

Noting the challenge posed by rising energy prices to all developing countries, Prime Minister Modi said this will increase the availability of affordable electricity in Bangladesh.