Union Minister Smriti Irani addresses ‘India-Bangladesh Virtual Conference on Textiles and Apparel Sector’

On September 30, 2020 Union Minister of Textiles, Smriti Zubin Irani addressed the inaugural session of ‘India-Bangladesh Virtual Conference on Textiles and Apparel Sector’ organized by Confederation of Indian Industry (CII) and Federation of Bangladesh Chambers of commerce and Industry (FFBCCI). 

Golam Dastagir Gazi, Minister of Textiles and Jute, Bangladesh, Ravi Capoor, Secretary, Ministry of Textiles, India were present in the virtual conference.

Highlights:

i.Measures to address logistics challenges to reduce turn-around-time for movement of cargo between two countries are being taken. 

ii.Issues facing movement of cargo through Petrapole (India) and Benapole (Bangladesh) Ports to be addressed. 

iii.Imposition of Zero Duty on Exports of Ethnic Apparel from India to Bangladesh to increase trade. The Union Minister also stressed on increasing yarn and fabric exports to Bangladesh.

iv.Modalities being worked out for export of surplus stocks of cotton by Cotton Corporation of India (CCI) to serve the requirements of the spinning industry of Bangladesh. 

v.The two sides also discussed the need for developing regional value chains, with India supplying raw materials and Bangladesh exporting value added goods such as fabric and apparel clothing to the world.

Vision for the Next Five Years:

The two sides shared their vision to capture 35 % of the Global Markets in the next five years.

Recent Related News:

i.On September 3, 2020, the Daukandi (Bangladesh) – Sonamura (Tripura) Inland Waterway Protocol route was operationalized giving boost to bilateral trade between India-Bangladesh relations under Protocol for Inland Water Trade & Transit (PIWTT). This is the first ever export consignment from Bangladesh to Tripura through the inland waterways.

About Bangladesh:
Prime Minister – Sheikh Hasina
Capital – Dhaka 
Currency – Bangladesh Taka