Prime Minister Narendra Modi and PM H.E. Sheikh Hasina of the People’s Republic of Bangladesh, held bilateral talks ahead of the G20 Summit on Saturday. The talks marked several substantial milestones in Indo-Bangla cooperation.
Three Memorandum of Understanding (MoUs) were signed during the meeting covering crucial areas of cooperation between the two nations. The first, an understanding of cooperation in Digital Payment mechanisms between the National Payments Corporation of India (NPCI) and Bangladesh Bank, paves the way for streamlined financial transactions, fostering economic connectivity. The second, the renewal of the Cultural Exchange Program (CEP) between India and Bangladesh for 2023-2025, reinforces cultural ties.
This initiative is likely to promote a deeper understanding between the peoples of both nations. The third MoU, inked between the Indian Council of Agricultural Research (ICAR) and Bangladesh Agriculture Research Council (BARC), sets the stage for collaborative advancements in agriculture, a vital sector for both nations.
As per an official press release, both leaders also expressed their eagerness to kickstart negotiations on the Comprehensive Economic Partnership Agreement (CEPA), which will encompass trade in goods, and services, and the protection and promotion of investments. This forward-looking agreement is poised to further enhance economic cooperation between India and Bangladesh.
Aside from the MoUs and CEPA, Prime Ministers Modi and Sheikh Hasina took stock of the progress in ongoing development projects. Notable among these is the operationalization of the agreement on the use of the Chattogram and Mongla Ports, a crucial step towards smoother trade and connectivity. The commissioning of the India-Bangladesh Friendship Pipeline is yet another testament to the deepening energy cooperation between the two nations.
The leaders also welcomed the operationalization of the settlement of bilateral trade in Indian Rupees (INR), providing a more convenient and efficient trading mechanism for businesses on both sides, as per government officials.
The official statement also apprised about the joint inauguration of pivotal projects that would bolster better connectivity and growth in the region. Among the projects, the Agartala-Akhaura Rail Link, Unit-II of the Maitri Power Plant, and the Khulna-Mongla Rail Link are poised to significantly bolster transportation and energy infrastructure, underpinning the bilateral cooperation.
As per the official statement, PM Modi also praised Bangladesh for hosting displaced Rohingya from Myanmar, affirming India’s commitment to providing repatriation. Furthermore, both nations welcomed Bangladesh’s Indo-Pacific stance and pledged to enhance their comprehensive partnership.
