India and Bangladesh on Sunday signed a Standard Operating Procedure (SOP) for operationalization of the Coastal Shipping Agreement which will facilitate trade and transportation of goods between the two neighbours through inland and coastal waters.
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The Coastal Shipping Agreement was signed in June this year to carry out coastal movement of cargo between the two countries.
The SOP was signed in presence of Shipping Minister Nitin Gadkari and Secretary, Ministry of Shipping, Bangladesh Shafiq Alam Mehdi here.
Gadkari said the agreement will open up new opportunities of connectivity and trade between the two countries and it will also improve the utilization of port capacities of Indian ports and open up new opportunity for Indian coastal vessels.
The pact will also help in decongestion of roads especially at the Land custom stations and integrated check posts at the Indo-Bangladesh boarder.
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The commencement of coastal shipping between the India and Bangladesh will increase bilateral trade between the two countries and lower down the cost of transportation of Exim cargo.
Exim trade between India and Bangladesh will be benefited by way of reduction in freight charges. India's trade with Bangladesh has grown rapidly during the past few years. Bangladesh is now India's largest trade partner in South Asia.
