NATIONAL7Spotlight Weekly)]

Showcase Of Opportunity

The exhibition underscores the vast potentials for increasing bilateral trade

By A CORRESPONDENT

Nepal can export agriculture products, fish and boulders to Bangladesh, while it can import machinery, cosmetics, garments and chemical fertilizers. Although this mutually beneficial opportunity has existed for long, bilateral trade between Nepal and Bangladesh remains very insignificant.

Both governments have been making efforts in recent years to increase two-way trade. The Bangladesh Single Country Trade Exhibition was the latest manifestation of this endeavor. Organized jointly by the Embassy of Bangladesh in Nepal and the Export Promotion Bureau of Dhaka, the exhibition helped Nepal to identify suitable products for import from Bangladesh.

Interestingly, the exhibition was organized on the eve of the 11th summit of South Asian Association of Regional Cooperation, which reaffirmed the need to boost trade ties among the seven member nations in order to achieve the objective collective self-reliance. Nepal exports goods worth $1 million to Bangladesh each year, while its imports are valued at around $37 million.

India has given Nepal access to the Kakarbhitta-Phulbari transit road to Bangladesh, but the full potential in trade relations is yet to be achieved. Only a small number of Nepalese products, especially apples, oranges, have been exported to Bangladesh.

Although trade exhibitions are regularly organized to showcase the products each country has to offer the other, the trade volume is yet to increase significantly. A regular and uninterrupted route between Bangladesh and Nepal would allow them to increase trade relations in mutually beneficial way.

The five-day trade exhibition displayed a variety of products, including garments, produced in Bangladesh. The event, among other things, also worked toward exploring the range of products Nepal could export to Bangladesh at relatively reasonable prices.

As the region's heads of state/government agreed during the 11th SAARC summit to move quickly towards ca South Asian Free Trade Area (SAFTA), Nepal and Bangladesh can expect to increase the volume of trade once SAFTA comes into operation.

Nepal and Bangladesh understand they cannot increase their trade volume in the absence of a viable trade route. If India allows vehicles of the two countries to run on the transit route, trade between Bangladesh and Nepal can increase by many folds.

"There is an huge potential between Nepal and Bangladesh to increase the trade volume. Trade exhibitions like this one will benefit both countries to explore greater possibilities in expanding trade," said Purna Bahadur Khadka, Minister of Trade, Commerce and Industry.

The Nepalese government and businessmen need to consider ways of using the Kakarbhitta-Phulbari transit road in a more appropriate way. Nepal can use the road to export oranges, fish and boulders, which are in great demand in Bangladesh.

The trade exhibition has help to identify the vast prospects of boosting bilateral trade. At a time when South Asian countries are talking about the need to increase trade and economic cooperation, the exhibition was as relevant as it was timely.

The Nepalese people demonstrated keen interest in the exhibition, with garments and other products being the center of attraction. Exhibitions like this would also help to increase long-term benefits by fostering interaction at the people's level.

The exhibition has reinforced the foundation for expanding the trade volume between Bangladesh and Nepal. The two governments and entrepreneurs now need to build the superstructure of a mutually beneficial partnership.