ICCB urges India to ease trade barriers, expedite CEPA

International Chamber of Commerce Bangladesh (ICCB) President Mahbubur Rahman has called for the swift conclusion of the proposed Comprehensive Economic Partnership Agreement (CEPA) between Bangladesh and India to reduce the bilateral trade gap.

He also urged India to improve market access for Bangladeshi products, reduce non-tariff barriers, harmonise standards and simplify customs procedures at a meeting with Indian High Commissioner to Bangladesh Dinesh Trivedi at the ICCB secretariat in Dhaka yesterday, according to a press release.

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Bangladesh and India continue to enjoy one of the largest trading relationships in South Asia, the release said. Bilateral merchandise trade stood at approximately $11.39 billion in fiscal year (FY) 2024-25, with Bangladesh exporting goods worth $1.76 billion and importing goods worth $9.62 billion.

Mahbubur underscored the importance of stronger private sector engagement to unlock the full potential of bilateral cooperation and promote sustainable economic growth.

The ICCB president further highlighted the importance of revitalising regional cooperation through the South Asian Association for Regional Cooperation (Saarc) and expediting the implementation of the Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement.

He also stressed the need to advance practical cooperation under the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) to enhance connectivity, reduce logistics costs and strengthen regional supply chains.

Indian High Commissioner Dinesh said the two neighbouring countries should translate their shared strengths into stronger economic collaboration and sustainable development.

He said many longstanding bilateral issues could be resolved through sustained engagement and dialogue at the highest political level.

Dinesh emphasised the indispensable role of the private sector in driving economic growth, investment and employment, saying businesses are the foundation of a stable and prosperous economy.

He also highlighted the significant potential for establishing joint venture industries in border areas, which could strengthen regional value chains, attract investment and generate employment.

Reaffirming the Indian High Commission’s commitment to supporting the business community, Dinesh encouraged Bangladeshi entrepreneurs and investors to approach the mission whenever they face challenges in expanding bilateral trade and investment.

During the interactive discussion, Naser Ezaz Bijoy, vice-president of ICCB, emphasised the importance of facilitating business travel and called for further improvements in the issuance of business visas to strengthen commercial engagement between the two countries.

Simeen Rahman, an executive board member of ICCB, highlighted the vast opportunities for expanding bilateral cooperation in trade, business, healthcare, medical services and tourism. She noted that India is home to many globally recognised companies and institutions, creating significant potential for enhanced partnerships and greater people-to-people and business-to-business collaboration.

The meeting also discussed opportunities to deepen cooperation in investment, regional value chains, multimodal connectivity, renewable energy, cross-border power trade, digital commerce, fintech, artificial intelligence, climate finance, sustainable manufacturing, healthcare, education and skills development.

Abdul Hai Sarker and Tapan Chowdhury, executive board members of ICCB; Pawan Kumar Badhe, deputy high commissioner of India to Bangladesh; Gourab Kumar Agarwal, second secretary (economic and commerce) at the Indian High Commission in Bangladesh; Ataur Rahman, secretary general of ICCB; Ajay Bihari Saha, general manager; and Syeda Shahnewaz Lotika, deputy general manager, among others, were also present.