New Delhi, Sept 26 (KNN) Economic growth of Bangladesh is a model that could be emulated by other Least Developed Countries (LDC’s) in the region, said Suresh Prabhu, Union Minister of Commerce & Industry and Civil Aviation.

He was speaking at a discussion on India-Bangladesh trade relations organized by the Bangladesh Ministry of Commerce in Dhaka.

Congratulating government of Bangladesh led by Prime Minister, Shiekh Hasina for rapid strides made in the areas of economic growth, poverty eradication, social and human development, Prabhu said that after Bangladesh graduates from the Least Developed Country (LDC) status it would no longer have duty-free and quota-free access to the Indian market under SAFTA.

 In view of this, he proposed that India and Bangladesh may consider signing a Comprehensive Economic Partnership Agreement (CEPA) which would trade in goods and services and investments.

Underlining the potential of jute as a natural and environment friendly fiber, he suggested that a Joint Business Group could examine the issues related to this sector.

He also spoke about other issues like up-gradation of infrastructure of Land Customs Stations for easing the flow of goods and people.

He also highlighted the possibility of cooperation in connecting Dhaka with rest of Bangladesh through broad gauge railway lines.

The Commerce Minister elaborated about the number of initiatives being taken by government of India like doubling of farmers’ income, promoting agricultural exports, new industrial policy, identifying and supporting emerging sectors, positioning India in global value chains; a long term holistic logistics policy, district led growth and improvement of ease of doing business, geographical indicators and the target of making India a USD 5 trillion economy in the next 7-8 years.

He also offered to partner and share experiences and best practices from these initiatives with Bangladesh.

Thanking Commerce Minister of Bangladesh Tofil Ahmed, for playing an important role in resolving issues and strengthening multilateralism in the global trading system, Prabhu called for continued cooperation of India and Bangladesh to make World Trade Organization a stronger body and support global trade.

Prabhu further stated that he was looking forward to developing a roadmap for resolving trade related issues in his meeting with the Commerce Minister of Bangladesh.