The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) have signed a memorandum of understanding (MoU) to promote business-to-business cooperation between India and Bangladesh.

The signing of the agreement between the two trade bodies coincides with the ongoing visit of Bangladesh Prime Minister Sheikh Hasina to India. The MoU between ASSOCHAM and FBCCI was signed on Wednesday in the presence of Tipu Munshi, Commerce Minister of Bangladesh, at the India-Bangladesh Business Forum jointly organised by the two trade bodies.

The respective apex chambers of the two countries have committed themselves to a regular exchange of information about the economic development of Bangladesh and India with a view to increasing bilateral trade and for the expansion of economic and industrial cooperation among their enterprises, according to a statement released by ASSOCHAM.

Addressing the business forum Bangladesh Minister of Commerce highlighted the special and close relations shared by India and Bangladesh, emphasising on the need for increasing investments.

He congratulated both the chambers on the MoU signing and taking such cooperative decision. Bangladesh has an amazing potential as a country for trade and commerce and it has more than 100 economic zones. India has always been the best partner and should further increase the development of bilateral relationships between both countries, Munshi said.

At the institutional level, the ASSOCHAM and FBCCI have agreed to cooperate in exchanging information about the regulatory and taxation framework in their respective countries for ease of doing business.

Besides, the respective chambers would share knowledge and experiences in relation to supporting and facilitating the advancement of Small and Medium Entrepreneurs (SMEs), startup ecosystem, innovation, industry-academia skill gap assessment, technical cooperation, conducting survey and research and development.

They would assist and facilitate visits of trade and economic delegations to their respective countries, rendering maximum cooperation for establishing business contacts.

Both the parties to the MoU would assist in amicable and friendly settlement of economic disputes through conciliation, negotiation, and arbitration wherever necessary considering international standards and conventions.

They would provide information and assistance to the enterprises, organizations and companies of the other country to participate in national exhibitions, international fairs, specialized exhibitions, economic and technical fairs, seminars, symposium, conferences and similar events.

(with inputs from ANI)