India signs MoU with Bangladesh for importing apparel

India today signed a memorandum of understanding (MoU) with Bangladesh on procedural arrangement for importing eight million duty-free apparel articles under the South Asian Free Trade Area (Safta) agreement.

"The Memorandum of Understanding allows import of eight million apparel articles in one calendar year by India from Bangladesh, duty-free and without any conditionality of sourcing of fabric or port restrictions," said a joint press statement issued after the signing of the deal.

The Memorandum of Understanding was signed between India's Deputy High Commissioner in Dhaka Nukta D Tomar and Joint Secretary in Bangladesh's commerce ministry Abdul Wahab Mia.

Indian High Commissioner to Dhaka Pinak Ranjan Chakravarty and Bangladesh's Commerce Secretary Feroz Ahmed witnessed the signing of the MoU.

"India is committed to import more products from Bangladesh to reduce the trade gap," Chakravarty said.