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Trade Trends News
23-08-2023
India has agreed to fulfill Bangladesh's request for import of seven important food commodities, including rice and wheat, subject to Bangladesh's assurance to import specified quantities within the stipulated annual quota.
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Meanwhile, India has set conditions to ensure import of specified quantities within the stipulated time.
The development took place at a virtual meeting of representatives of the two neighboring countries on Sunday (August 20) titled "Determination of annual quotas for Bangladesh's imports of various essential commodities from India".
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India's desire to set conditions was based on the fear of possible losses to Indian farmers if Bangladesh does not import the specified quantities as per the quota.
In addition, India is keen to impose time limits on the import of these commodities.
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For onions, garlic and ginger in particular, there is a great deal of emphasis on setting specific time frames.
The emphasis on setting time limits was due to the challenges and costs of storing these perishable goods.
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On the other hand, the Bangladesh delegation discussed pricing and tariffs for these products. According to officials of the Ministry of Commerce, they presented a proposal to set competitive prices for the goods in line with global market prices.
In addition, India would not impose tariffs on quota-based imports if they are imposed due to special circumstances. However, the Indian authorities responded to Bangladesh's proposal by stating that compliance with laws and regulations is essential and there is no room to go beyond these boundaries.
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Last month, Bangladesh, through the Ministry of External Affairs, submitted a report to the Indian authorities requesting to import 1.5 million tons of rice and 2.5 million tons of wheat annually from India to protect its food security and stabilize prices amid fears of potential supply disruptions caused by natural disasters and global crises.
The requested quota also included 1 million tons of sugar, 600,000 tons of onions, 50,000 tons of garlic and 100,000 tons of ginger.
Subsequently, after discussions between the Ministry of Commerce and the Ministry of Agriculture and Food, adjustments were made to increase the quantities of some products. Subsequently, the Ministry of Commerce readjusted the quantities of goods and informed the Indian authorities of the adjustments through the Ministry of External Affairs.
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