NEW DELHI: India will start talks on a comprehensive economic partnership agreement (CEPA) with Bangladesh, Prime Minister Narendra Modi said on Tuesday,
6th September after a bilateral meeting with his counterpart Sheikh Hasina here, to boost trade ties between the two neighbouring countries.
The CEPA may be finalised by 2026, by the time Bangladesh Graduates to become a developing Country, said India’s Foreign Secretary Vinay Kwatra.
Bangladesh is India’s largest development partner and our largest trade partner in the region, Modi said. Bangladesh is one of India’s top export markets with bilateral trade at about $18 billion in FY22. India had a trade surplus of about $14 billion in Fy22.
Recently, Bangladesh has sought loans from global agencies such as the International Monetary Fund as the country’s foreign exchange reserves dwindled due to rising import bills. However, Hasina has said that Bangladesh’s $416 billion economy remained strong.
India has extended nearly $9.5 billion to Bangladesh in concessional loans and is taking up several connectivity projects, India’s Foreign Ministry spokesperson Arindam Bagchi tweeted.
