New Trade Routes
Bangladesh has proposed India to follow new trade routes for import of goods in the country. These routes will import goods to seven northeastern Indian states with a high demand for Bangladeshi products. Recently, the demand for motorbikes, air-conditioners, refrigerators and other accessories has been rising, which India is importing through Pertrapole, situated at the India-Bangladesh border. Until now, India has allowed imports from Bangladesh from Benapole in Jessore, situated opposite to Pertapole.
The Indian side is evaluating the prospects of following this alternate trade route, which will reduce the import costs for Indian traders. Bangladesh and India enjoy bilateral trade relations where trade increased by nearly 20 percent, exceeding US$ 4.5 billion in the fiscal year (FY) 2011-12. The two-way trading is expected to cross the $5 billion-mark at the end of the ongoing FY 2012-13. It is believed that Bangladesh will increase its exports to India, further strengthening bilateral trade relations between these neighbors.
The proposal by Bangladesh comes at a time when India is eyeing to become the regional leader in trade and Bangladesh is fast progressing in all sectors. The rise in exports from India will help Bangladesh increase its balance of payments, which will facilitate the latter in its quest of becoming an economic hub of South Asia.