DHAKA, Nov 15, 2022 (BSS) - Indian High Commissioner to Bangladesh Pranay Verma has emphasized the importance of signing a Comprehensive Economic Partnership Agreement (CEPA) which both India and Bangladesh have agreed to negotiate.

The High Commissioner also stressed the need for its potential to enhance bilateral trade and investment ties by creating a new institutional framework and supply chain linkages. 

Verma came up with such remarks during an interaction with leading business leaders of Bangladesh yesterday, said a press release today.

He emphasized the importance of better connectivity and trade infrastructures at the borders to harness the full potential of economic partnership unleashed by rapid economic development of both India and Bangladesh. 

In this context, the Indian High Commissioner underscored the need for decongesting ICP Petrapole-Benapole by improving infrastructures at other land ports, and increasing the number of ports without restrictions which would in turn incentivize investments in land ports.

The High Commissioner also spoke about the need for greater cooperation, integration and multi-modal connectivity of the sub-region including through road, railways, inland waterways, and coastal shipping.

In his speech, Verma highlighted the growing economic engagement between the two countries that has boosted the bilateral relationship significantly under the visionary leadership of Indian Prime Minister Narendra Modi and Bangladesh Prime Minister Sheikh Hasina. 

He noted that the bilateral trade has more than doubled in the last five years and Bangladesh's exports to India has touched almost $2 billion in the last financial year with India becoming the largest export destination for Bangladesh in Asia. 

The interactive sessions were attended by top leaders of businesses and heads of business chambers of Bangladesh. 

A delegation from Society of Indian Automobile Manufacturers (SIAM), which is in Dhaka for a visit, also participated in the event.