Bharat has emerged as Bangladesh’s largest export destination in Asia, according to statements made by the Bharat High Commissioner, Pranay Verma. He emphasized the critical role of multimodal connectivity in fostering stronger bilateral cooperation between the two nations. Verma’s remarks came following the inauguration of the Sultanganj port by Bangladesh’s Shipping Minister Khalid Mahmud Chowdhury, establishing naval connectivity between Rajshahi in Bangladesh and Murshidabad in Bharat.
The inauguration of the Sultanganj port marks the initiation of five trial movements of cargo vessels between Maia Port in Bharat and Sultanganj, Godagari Port of Call in Bangladesh, along the Indo-Bangladesh Protocol (IBP) Route 5 and 6. This development is anticipated to significantly enhance cargo movement through the IBP Route, thereby revitalizing the inland waterways ecosystem in both countries.
Verma underscored the significance of efficient multimodal connectivity, including road and rail, inland waterways, and coastal shipping, in unlocking the true potential of bilateral cooperation. He highlighted that re-opening the Maia-Sultanganj river route will not only benefit local economies on both sides of the border but also contribute to national economies and strengthen sub-regional cooperation and integration.
With Bharat currently serving as Bangladesh’s largest export destination in Asia, Verma expressed optimism that improved connectivity links and initiatives such as trade in Bharatiya Currency will further bolster Bangladeshi exports to Bharat. He emphasized the evolving connectivity landscape between the two countries, emphasizing that they are effectively reconnecting their shared geography, history, and culture.
Negotiations for the Comprehensive Economic Partnership Agreement (CEPA) between Bharat and Bangladesh are set to commence soon, according to Verma. This agreement holds the potential to further enhance economic ties between the two nations, facilitating smoother trade and investment flows.
The trade statistics between Bharat and Bangladesh underscore the robust nature of their economic relationship. In the fiscal year 2021-22, Bangladesh’s exports to India totaled USD 1990 million, while imports from Bharat amounted to USD 13.69 billion. Additionally, in the fiscal year 2022-23 (until February), Bharat exports to Bangladesh stood at USD 10.63 billion, constituting 2.6% of Bharat’s total exports. Conversely, Bangladesh’s imports from Bharat during the same period totaled USD 1.86 billion, accounting for 0.28% of Bharat’s overall imports.
The growing trade volumes and enhanced connectivity initiatives between Bharat and Bangladesh signify a deepening of their economic partnership and hold promise for further collaboration and mutual prosperity in the future.
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