According to Ajai Sahai, Director General and CEO of the Federation of Indian Export Organisations (FIEO), the current border closures have halted export and import operations between India and Bangladesh. In a recent interview, Sahai highlighted the standstill in trade activities, noting that the situation has been ongoing for the past two weeks, affecting exports, particularly perishable goods. The disruption is attributed to erratic internet impacting the banking sector, which in turn affects export operations. Despite these challenges, there is optimism among Indian exporters that the situation may be temporary, with expectations for a return to normalcy and the resumption of usual business practices.
Sahai also touched on the impact on investments, stating that while immediate plans in Bangladesh are on pause, stakeholders are monitoring developments closely. He emphasized the close communication between FIEO and Indian exporters with interests in Bangladesh, mentioning that some are considering fulfilling urgent orders from India to meet customer demands amidst the uncertainty.
The bilateral trade between the two countries was valued at approximately USD 12.8 billion in the last financial year, with India's exports to Bangladesh including a diverse range of commodities such as cotton, petroleum products, and food items. Conversely, Bangladesh's exports to India mainly consist of textile and leather products, alongside agricultural goods.
Source: malaysiasun.com