INDIA BANGLADESH TRADE
After fresh initiatives, India ties with Bangladesh are set to scale new heights
India sees Bangladesh as a "close and valued neighbour" with rapidly growing capabilities. For India, Bangladesh is the converging point of its "Neighbourhood First" and "Act East" policies besides the SAGAR (Security and Growth for All in the Region) doctrine and New Delhi's Indo-Pacific vision. Bangladesh is also an indispensable partner in the development of India's northeastern region. On the other hand, Bangladesh values its relationship with India as "a major neighbour," "trusted friend" (PM Hasina's words) and a key development partner. India is the largest market for Bangladeshi products in Asia.
India keen to speed up power grid link talks with Sri Lanka
India is actively pursuing discussions with Sri Lanka to establish a power grid link, focusing on renewable energy for electricity trading. The project includes overhead and under-sea cables, with economic benefits being evaluated by PwC India and plans for a joint consultant for investment decisions.
Bangladesh to gauge both Indian and Chinese proposals on the Teesta project: PM Hasina
India is presumed to have a reservation over China's involvement in a major project near its strategic Siliguri Corridor, also known as the Chicken's Neck, while Bangladesh's foreign ministry earlier said Dhaka would "take into cognizance the geopolitical issues" in proceeding with the proposal.
India, Bangladesh decides to boost Himalayan-Bay of Bengal connectivity
Prime Ministers Narendra Modi and Sheikh Hasina announced plans to enhance regional connectivity at a summit on Saturday. The initiative aims to link the Himalayan states of Bhutan and Nepal with Bangladesh for improved business and investment opportunities in the Bay of Bengal region.
India shows interest in mega Teesta river conservation project
A major focus of the talks between the two prime ministers was to explore ways to shore up India-Bangladesh cooperation in digital and energy connectivity even as both sides resolved to work towards peaceful management of borders between the two countries.
India, Bangladesh reiterate commitment to free, open, inclusive, secure and rules-based Indo-Pacific
India and Bangladesh have reaffirmed their commitment to a free, open, and rules-based Indo-Pacific region. They will co-lead the Disaster Risk Reduction and Management pillar of the Indo-Pacific Oceans Initiative (IPOI). The joint statement from Prime Ministers Modi and Hasina emphasized cooperation on disaster resilience, climate impact mitigation, and regional integration under BIMSTEC, SAARC, and IORA. They plan to enhance trade, investment, and connectivity, negotiate a Comprehensive Economic Partnership Agreement (CEPA), and strengthen defense ties.
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Modi-Hasina talks: India, Bangladesh ink 10 MoUs; defence ties get a boost
India and Bangladesh signed 10 MoUs during the meeting between Prime Minister Narendra Modi and Bangladeshi Prime Minister Sheikh Hasina in New Delhi. The leaders endorsed a vision statement on peace and prosperity, renewing longstanding ties. The talks focused on defence ties, management of Mongla port, and cross-border power trade. India plans to send a technical team for the Teesta river conservation project, countering Chinese interest in funding the $1 billion project and constructing a special economic zone in the area.
India boosts defense ties with Bangladesh as it tries to become a counterweight to China
India and Bangladesh strengthened defense ties, signing agreements to enhance cooperation in maritime security, ocean economy, space, and telecommunication sectors. Prime Minister Narendra Modi welcomed Bangladesh's inclusion in the Indo-Pacific Oceans Initiative, underscoring India's commitment to regional collaboration. Amidst close ties with China, Bangladesh seeks to balance relationships with India and the US. Both countries aim to boost river water sharing, energy cooperation, and infrastructure development through Indian investments. Bilateral trade between India and Bangladesh reached $15.9 billion in the financial year 2022-23, with India exporting cotton, vehicles, and electronics, and importing cereals and cement.
PM Modi holds extensive talks with Bangladesh counterpart Hasina
Prime Minister Narendra Modi held extensive talks with Bangladeshi Prime Minister Sheikh Hasina to strengthen cooperation in trade, connectivity, and energy. The two leaders have met ten times since 2019, making unprecedented transformations in their relationship. The focus of the talks is to impart new momentum to bilateral ties, including trade, connectivity, and energy. India and Bangladesh have been on an upswing in strategic ties, with India being its largest development partner and Bangladesh its largest export destination in Asia.
India, Bangladesh agree to start talks on comprehensive trade pact
India and Bangladesh have agreed to begin negotiations on a comprehensive economic partnership agreement, as Prime Minister Narendra Modi announced after talks with Bangladeshi PM Sheikh Hasina. Modi emphasized that Bangladesh is India's largest development partner and that New Delhi gives top priority to their relationship. The leaders also discussed enhancing defense cooperation, including defense production and modernization, and signed agreements in areas such as the digital domain, maritime sphere, and railway connectivity.
Bangladesh PM Sheikh Hasina in India, meets S Jaishankar, Indian CEOs
PM Hasina arrived in India earlier today on a State visit from June 21 to 22 at the invitation of Prime Minister Narendra Modi. Following the meeting, Jaishankar said that the Bangladesh PM's State visit highlights "close and abiding ties" between the two countries.
Bangladesh PM Hasina plans 2nd India trip this month before PM's Dhaka visit
Bangladesh Prime Minister Sheikh Hasina is set to visit New Delhi for a summit meeting with Prime Minister Narendra Modi on June 21-22. The meeting is expected to focus on defence partnership, with both sides prioritizing cross-border connectivity initiatives, Indian investments in the Teesta special economic zone, Mongla port management, power trade, and a trade pact.
Indian Railways sanction survey for 14 new routes connecting neighbouring countries
The total length of the Final Location Survey sanctioned is 1275.50 km. The total length of the Final Location Survey for New Railway Lines connecting Bangladesh is 861 km, and with Nepal is 202.5 km. The proposed alternate routes towards Northeast will be of 212 km length.
Passenger movement through Maitri Setu to start in September, will boost India-Bangladesh connectivity
Passenger movement through the Maitri Setu, linking India and Bangladesh in South Tripura district, is set to begin by September this year, as confirmed by a senior government official. The bridge, inaugurated virtually by Prime Minister Narendra Modi and his Bangladeshi counterpart Sheikh Hasina on March 9, 2021, spans the Feni River, connecting Sabroom in India with Ramgarh in Bangladesh. The movement of goods is expected to follow after passenger operations commence.
Sugar exports to depend on monsoon, cane sowing in 2024-25
India may consider allowing sugar exports for the 2024-25 season pending final assessment of sugarcane sowing and output. The country anticipates a lower sugar production of 30 million tonnes compared to 32.8 million tonnes last year. Mills in Tamil Nadu and Karnataka have come close to the end of crushing for the current season and expect to reach 31.8 million tonnes by September. The government is prioritizing stock availability for domestic consumption and ethanol production.
India in trade deficit with nine of top 10 trading partners in 2023-24
The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23.
India woos Bangladesh on Teesta amid China push
India is interested in financing Bangladesh's Teesta economic zone project, a dredging and development project aimed at turning the Teesta river belt into a zone of economic activity. India's interest was expressed during a meeting between Bangladesh Prime Minister Sheikh Hasina, foreign minister Hasan Mahmud, and his counterpart Masud Momen in Dhaka.
Foreign Secretary Kwatra meets Bangladesh PM Hasina, reviews bilateral ties with top officials
In the first official visit of a high-level official to Bangladesh after the formation of the new government in January 2024 here, Kwatra also met Bangladesh Foreign Minister Dr Hasan Mahmud and his counterpart Masud Bin Momen.
Indian exports up in 115 nations out of 238 destinations in 2023-24
Despite global economic uncertainties, India's exports increased to 115 countries out of 238 destinations in 2023-24. The merchandise exports slightly declined by 3% to USD 437.1 billion, while services exports rose to USD 341.1 billion. Overall exports (goods and services) reached USD 778.2 billion. India's rank in world merchandise exporters improved from 19th to 17th, with a marginal increase in share from 1.70% in 2014 to 1.82% in 2023.
Facing delays, exporters seek priority shipment for MSMEs
Indian exporters seek priority shipment for MSMEs at Delhi Airport due to delays caused by Bangladesh transhipment, leading to quadrupled air freight costs. Requests made to suspend transshipment facility for Bangladesh cargo.
India allows export of non-Basmati white rice to Mauritius
The exports of rice to Mauritius are permitted through National Cooperative Exports Limited, the Directorate General of Foreign Trade said in its notification.
India allows additional 10,000 tonne of onion exports to UAE
India has authorized an extra 10,000 tonnes of onion exports to the UAE through the National Cooperative Exports Ltd (NCEL), as stated in a notification by the Directorate General of Foreign Trade (DGFT). The government had previously allowed shipments of 14,400 tonnes to the emirates while extending the ban on onion exports until further notice, originally imposed from December 8, 2023, until March 31, 2024.
Indian rice traders hike prices to mirror higher export duty
India's rice export prices increased this week due to higher duty on rice shipments, while Thailand's demand remained low. The government imposed a 20% export duty on parboiled rice exports in August 2023 to control domestic rice prices. The customs department has demanded payment of duty differentials on rice exported in the last 18 months, which could cripple rice shipments from India.
India extends onion export ban till further orders
India exported onions worth $431.78 million in April-January FY24 with $187.5 million shipped to Bangladesh and $48.12 million to Sri Lanka. In December last year, the government prohibited the export of onions till March 31, 2024 but allowed their shipments based on permission granted by the central government to other countries on the request of other countries.
Trade game-changer in making? Several countries willing to start trading with India in rupee
Neighbouring Sri Lanka and Bangladesh are keen to start trading with India in rupee immediately. Countries from the Gulf are giving it a serious thought too. The mechanism is already in place in trade with Singapore, minister Piyush Goyal said.
India permits 64,400 tonnes of onion exports to UAE, Bangladesh
The Indian government has allowed the export of 64,400 tonnes of onions to the UAE and Bangladesh through the National Cooperative Exports Ltd (NCEL), according to notifications from the commerce ministry. While 50,000 tonnes are permitted for Bangladesh, 14,400 tonnes are allowed for the UAE. Although onion exports are generally banned, the government permits specific quantities to friendly nations based on their requests.
India, four other countries voice concern at WTO dispute settlement reform proposal
India, Bangladesh, Egypt, Indonesia, and South Africa have expressed concerns over a recent World Trade Organization (WTO) draft on dispute settlement reform. The draft proposes changes such as including mediators during consultations and altering the composition and powers of dispute settlement panels. The countries argue that certain proposals, like limiting the possibility of appeal and categorizing cases into standard, complex, and extraordinarily complex, could hinder the ability of developing countries to access the dispute resolution system.
India-Bangladesh trade down in pre-election season
The inflow to India through Petrapole reduced to 2141 passengers on December 31 from 2894 on December 21, Petrapole Land Port Manager Kamlesh Saini said. Binay Sinha, secretary of the Bangoan Chamber of Commerce, pinpointed the stark impact of the Bangladeshi elections on Bangoan's three local markets: Taw Market, Motilal Market, and New Market.
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