Trade Organisations Urge Central Government to Address Growing Trade Deficit with Bangladesh
In a bid to revamp the India-Bangladesh border trade, trade organisations in Tripura have called upon the central government to address the widening trade deficit with Bangladesh. The organisations claim that despite a drop in exports, large quantities of goods such as sugar, medicines, cosmetics, and other edible items are being smuggled into Bangladesh, negatively impacting the economies of both nations.
According to Minister of Industries and Commerce, Santana Chakma, exports from Tripura to Bangladesh have declined sharply in recent months, while imports have remained steady. “Tripura’s exports to Bangladesh stood at just Rs 50.07 crore up to February in the current fiscal year, compared to Rs 121.37 crore in 2022-23 and Rs 12.31 crore in 2023-24. Meanwhile, imports from Bangladesh reached Rs 625.14 crore this fiscal year (up to February), Rs 703.67 crore in 2023-24, and Rs 636.72 crore in 2022-23,” Chakma said.
The government had established two Border Haats in South Tripura and Sepahijala districts a decade ago to curb informal trade. However, one of these haats remains closed since the Covid-19 pandemic in 2020, and the Srinagar Border Haat in South Tripura, which reopened in November last year, has yet to regain its popularity. The authorities in both nations have also postponed the reopening of the Kasba Border Haat in Sepahijala district due to low participation concerns.
Despite the challenges, Bangladesh exports goods such as fish, cement, food items, construction materials, steel sheets, PVC pipes, soft drinks, ready-made garments, melamine, and cotton waste to Tripura and other northeastern states. In return, Indian states export commodities like broken stone, maize, incense sticks (agarbatti), fresh ginger, dry chilies, vegetable seeds, various spices, and wood apples to Bangladesh.
The trade organisations believe that without a concerted effort to tackle the smuggling of goods, the trade deficit will continue to grow, and the economies of both nations will suffer. Therefore, it is imperative that the government takes immediate action to strengthen border security, check unchecked infiltration, and promote legitimate trade.
As India and Bangladesh look to strengthen their economic ties, it is crucial that the governments of both nations work together to address the trade deficit and promote a fair and sustainable trade relationship. The fate of the trade deficit hangs in the balance, and only time will tell if the necessary measures are taken to put the trade back on track.
Original Source: https://timesofindia.indiatimes.com/city/guwahati/tripura-trade-bodies-urge-govt-to-address-india-bangladesh-business-deficit-trends/articleshow/119806516.cms
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Publish Date: 2025-03-31 18:02:00
