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Indo-Bangla strategic textile alliance likely |
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2004-7-16
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In order to realise full potential of the textile sector post MFA (Multi-Fibre Arrangement), India and Bangladesh are considering to forge a strategic alliance in the textile sector. The MFA comes to end on January 1, 2005.
This was indicated in a meeting between Mahmudur Rahman, Executive Chairman of the Board of Investment, Bangladesh and EVKS Elangovan, Minister of State for Commerce and Industry, here today.
Affirming that India has strong primary textile sector, whereas Bangladesh has strong clothing and garment sector, forming strategic alliance would be a win-win situation for both the countries, Rahman said.
MRA (Mutual Recognition Arrangement) was to be pursued by both the sides in the spirit of cooperation as both sides agreed to put the process on the fast-track.
Bangladesh is India''s largest trading partner in the region as bilateral trade rose from Rs 810 crore in 1991-92 to Rs 6403.11 crore in 2003-04 (April-February).
India''s exports to Bangladesh increased by 40.07 per cent during April-February 2003-04 amounting to Rs 6687.24 crore as compared to Rs 4774.26 crore in the same period in the previous year. |
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