Bangladesh and India signed a Memorandum of Understanding (MOU) today on procedural arrangements for duty-free entry of eight million pieces of Bangladeshi apparels into India annually.
Abdul Wahab Mian, joint secretary to the commerce ministry, and Mukta D Tomar, Indian deputy high commissioner in Dhaka, signed the MOU on their countries' behalf in Dhaka. Feroz Ahmed, secretary to the commerce ministry and Pinak Ranjan Chakravarty, Indian high commissioner to Bangladesh, were present during the signing.
After the signing in Ceremony, a joint statement said that no condition has been imposed on Bangladesh regarding port restrictions or the origin of the textile as far as these eight million pieces of apparel are concerned.
The Indian high commissioner said that in less than one month the new agreement will come into effect. Indian Prime Minister Manmohan Singh had promised Bangladesh that his country would allow duty-free entry of eight million pieces of readymade garment products to India to boost bilateral trade.