'Harmonise custom duties, taxation for BBIN initiative's success'

Member countries of the sub-regional BBIN (Bangladesh Bhutan, India, Nepal) initiative must bring harmony in customs duties and taxation to improve movement of trade and goods among these countries, officials said on Thursday.

"The movement of trade, goods and general public are not picking up. Harmonisation of customs duties and taxation among member countries of the initiative is necessary to increase goods and trade movement," said Mashiur Rahman, Senior Adviser on Economic Affairs to the Bangladesh Prime Minister.

Security issues have to be streamlined and there should be easing immigration procedures, he said at the BBIN Business Forum organised by Indian Chamber of Commerce.

The initiative, a sub-regional structure, was formed to formulate, implement and review quadrilateral agreements across sectors like transport, water resources management, connectivity of power and infrastructure.

Rahman said there must be some arrangement for cross countries vehicle registration so that public can move seamlessly.

Gawhar Rizvi, Senior Adviser of the Bangladesh Prime Minister on foreign affairs, said: "The space at which the member countries are growing should be much higher. We should be far ahead of where we are.

"Bangladesh, Bhutan, India and Nepal want to grow fast and that is why they form the sub-regional bloc for cooperation. To prosper growth, we need trans-boundary cooperation and need to tap potentials that the countries have."

Implementation of the regional free trade agreement - Bangladesh-Bhutan-India-Nepal Motor Vehicles Agreement - was a success, said Indian External Affairs Ministry official Pratibha Parkar.

--IANS

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