India and Bangladesh have mentioned preparations to start out talks for a free commerce settlement between the 2 nations to advertise financial ties, an official assertion stated on October 1.

It was mentioned throughout an official-level assembly of the Joint Working Group on Trade (JWG) between India and Bangladesh, which was held final week in Dhaka.

The assembly “discussed a host of bilateral issues such as removal of port restrictions, ground work on commencement of Comprehensive Economic Partnership Agreement (CEPA), harmonization of standards, and mutual recognition of standards, supply of essential commodities to Bangladesh,” the Commerce Ministry stated.

CEPA is a type of free commerce settlement, underneath which two buying and selling companions considerably scale back or remove customs duties on the utmost variety of items traded between them. Besides, additionally they ease norms to advertise commerce in companies and investments.

They additionally deliberated upon points associated to growth of street and rail infrastructure, regional connectivity by way of multi-modal transportation and creation/ strengthening of infrastructure in Land Customs Stations/ Integrated Check Posts, border haats.

These conferences are held on an annual foundation to debate key commerce associated points and discover alternatives for financial and technical collaboration, promotion, facilitation, enlargement and diversification of commerce between the 2 nations.

“These meetings play a vital role in quick resolution of bilateral issues by removing trade barriers, simplifying customs procedures, improvement of infrastructure, logistics, and transit facilities to facilitate smoother cross-border trade,” it stated.

The bilateral commerce has dipped to $14.2 billion in 2022-23, from $8.13 billion in 2021-22.