Commerce Minister Tofail Ahmed said on Wednesday more than 6,000 products have duty-free excess to the Indian market. But the growth of Bangladesh export to India is only 12 per cent.He told a meeting of the World Bank titled ‘The report – Diagnostic Trade Integration Study’ at the Westin Hotel in the capital. Commerce Secretary Hedayetullah Al mamun presided over the meeting. The Minister urged countries including India for removing tariff and non-tariff barriers for Bangladesh products so that the bilateral and multilateral trade relations strengthen further. Describing India as a good friend having very deep relations Tofail said, “The ties between the two countries are going to the peak. But there are many other areas we can work together.”The Minister expected that the country will accelerate its gross domestic product (GDP) growth to 7.4 per cent in the next five years if trade increases.Commenting on the report through video conferencing, WB Country Director Johannes Zutt said Bangladesh needs higher volumes of exports to larger and richer markets, beyond its relatively smaller domestic market to accelerate GDP growth.”Bangladeshi firms have succeeded in garments, and they can also succeed in other industries with demonstrative competiveness such as jute-based industries, footwear, information and communications technology, shipbuilding, pharmaceuticals, light industry such as bicycles and others,” he said. Addressing the launching of the report, the Commerce Minister put high importance on increasing trade for expediting economic growth towards achieving the middle income country status by 2021. The WB reports also provide a roadmap for strengthening Bangladesh’s trade competitiveness and developing a policy regime that takes full advantage of international markets.
