Bhutan

Bangladesh Cabinet approves revised trade deal with India

Bangladesh cabinet meeting chaired by Prime Minister Sheikh Hasina has approved the revised India-Bangladesh trade agreement.

The revised agreement will facilitate both countries to use each other’s land and water routes for trade with a third country and remove long standing barrier in regional trade.

With this Bangladesh will be able to use Indian railways, roads and waterways in transshipment of goods to Bhutan and Nepal. While, India will be able to send goods to Myanmar through Bangladesh.

Under the modified deal both countries will be able to use transport networks for transporting the goods for a fee. These fees and charges for transporting goods will be the same for both the countries and will be fixed through bilateral discussions.

The deal will be in force for 5 years instead of the existing tenure of 3 years, and further can amended through mutual agreement.

At present, India has similar agreement with Nepal and Bhutan but Bangladesh’s trade with Nepal and Bhutan was hindered for want of such a treaty with India.

Previously, trucks from Nepal and Bhutan entering from Bangladesh along the Indian border were required to park at a specific point near border. But under the revised deal, trucks from Nepal and Bhutan will enter Bangladesh through the Indian corridors.

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RBI lifts ban on carrying 1,000, 500 bank notes to and from Nepal, Bhutan

Reserve Bank of India (RBI) has lifted ban on carrying Indian bank notes of Rs 1,000 and 500 denominations to and from Nepal, Bhutan.

In this regard RBI has issued a circular that eased the restriction on export and import of bank notes of 1,000 and 500 denominations for Nepal and Bhutan.

However, RBI has put a limit of carrying such notes at Rs 25,000 per person.

Earlier in May 2000, RBI had imposed ban following the request of Union government to curb smuggling of counterfeit currency.

Implication: It will provide a great relief to workers from both nations as well as Indian tourists travelling to Nepal and Bhutan.

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Bangladesh and Bhutan sign agreements on trade and land allocation

Bangladesh and Bhutan have signed two agreements. The two signed agreements are

  • Agreement on Trade: It will allow the two neighbouring countries to enjoy duty-free export of 90 items to each other. Earlier, Bhutan enjoyed duty-free export of 74 items from their country to Bangladesh.
  • Allocation of a land: Allocation of a land at Dhaka city’s Baridhara diplomatic enclave to Bhutan for the construction of its embassy.

Agreement on Trade was signed by Bangladesh’s Commerce Minister Tofail Ahmed and Bhutan’s Economic Affairs Minister Norbu Wangchuk.

While Bangladesh’s Foreign Minister AH Mahmood Ali and his Bhutanese counterpart Rinzin Dorje inked the deal on the land allocation.

Bangladesh’s Prime Minister Sheikh Hasina and her Bhutanese counterpart Tshering Tobgay witnessed the agreement signing ceremony at the Prime Minister’s Office.

Bangladesh will allow duty-free import of bolder that will be used for the construction of Padma Bridge, a mega infrastructure project of Bangladesh.

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