Google News
logo
Daily Current Affairs
India has agreed to start negotiations for a free trade agreement with which neighbouring country?
A)
Bangladesh
B)
China
C)
Nepal
D)
Sri Lanka

Correct Answer :   Bangladesh


With an aim to boost twi-way commerce and investments, India and Bangladesh on Thursday(22nd Dec 2022) agreed to start negotiations for a free trade agreement at an early date.

The decision was taken in a meeting between Commerce and Industry Minister Piyush Goyal and his Bangladeshi counterpart Tipu Munshi.
 
A joint feasibility study on the agreement, officially dubbed the Comprehensive Economic Partnership Agreement (CEPA), has been carried out after the two countries agreed to explore the possibility of negotiating a trade pact.
 
In an official statement, the Commerce ministry said, "study confirmed the CEPA would provide a sound basis for substantial enhancement of trade and commercial partnership between the two countries... Both sides agreed to start the CEPA discussions at an early date."
 
In such an agreement, the two countries either significantly reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they ease norms for promoting trade in services and attracting investments.
 
The bilateral trade between India and Bangladesh increased to USD 18.2 billion (USD 16.2 billion exports and USD 2 billion imports) in 2021-22 as against USD 10.8 billion in 2020-21..

Source : Live Mint

Published On : December 27, 2022
Advertisement