The Memorandum of Understanding (MoU) was signed between the Bangladesh Seeds Association and the National Seed Association of India here.
"This MoU will facilitate traders, exporters and importers of both the countries to initiate the cross-border trade in high-yielding varieties of rice seeds.
"It will also enable a favourable environment for knowledge-sharing in such seeds production and trade," CUTS said in a statement.
It added that the move would help in ensuring greater cooperation in agriculture sector between both the neighbours.
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"In Bangladesh and India, serious problem with regard to making variety rice seeds available and accessible to farmers is noticed.
"Significant gap exists between demand and supplies of most-desired and adaptable varieties. Increased cooperation between the two countries can significantly improve the situation," it added.
The bilateral trade between India and Bangladesh stood at USD 6.65 billion in 2013-14.