Grant of transit rights will reduce Indo-Bangladesh trade deficit

New Delhi, July 22 (UNI) To reduce the trade deficit India today asked Bangladesh to consider the long-standing issue of granting transit rights to it and said Bangladesh will also benefit from such rights by getting access to a huge market in northeast India.

Minister of State for Commerce Jairam Ramesh at the launch of the Indo-Bangladesh Chamber of Commerce and Industry (IBCCI) in Dhaka today said, ''I am aware that considerable two-way informal trade already takes place between the northeastern states and Bangladesh. But wouldn't it be in the interests of both our countries to make all trade transparent and through legal channels? '' Bangladesh is perfectly entitled to ask - what will we get in return for granting transit? Let us engage in serious dialogue on this issue since the present situation is hurting you and hurting us as well, he added.

Mr Ramesh said India would like an additional land customs stations to be opened. ''We thank the Bangladesh government for allowing the opening of the Belonia land customs station in southern Tripura. I must also thank the Bangladesh government for allowing India to construct a bridge over the Raghnacherra river,'' the minister said.

The minister also highlighted India's intention to undertake joint projects with Bangladesh and also suggested a possible agreement between the two countries on multi-modal transportation systems, including on container traffic, to facilitate joint projects.

While commenting on the IBCCI, a joint effort of the Federation of Bangladesh Chambers of Commerce and Industry and the Federation of Indian Chamber of Commerce&Industry (FICCI), Mr Ramesh expressed the hope that the chamber would soon emerge as a powerful force for sustained collaboration between the two economies and for deeper partnerships between the two societies.

UNI