Dhaka, Bangladesh (BBN) – Bangladesh and India on Thursday signed two agreements on investment protection and promotion and operating procedure of Bhutanese vehicles to Bangladesh through Indian territory, officials said.
Visiting Indian external affairs minister SM Krishna and his Bangladesh counterpart Dipu Moni witnessed the signing of the deals before the media at the Sonargaon Hotel in the capital Dhaka.
The Agreement on Promotion and Protection of Investments aimed at creating favourable conditions for fostering and encouraging investment, they added.
The two countries signed the Agreement on Promotion and Protection of Investments on February 9, 2009 while it was ratified today as Indian High Commissioner in Dhaka Rajeet Mitter and Bangladesh’s envoy in New Delhi Ahmed Tariq Karim signed the protocol.
The deal which would be effective from July 7, 2011 will be valid for ten years and thereafter it would be deemed to have been automatically extended unless either government gives a written notice to the other of its intention to terminate it.
The second agreement titled Standard Operating Procedure for movement of Bhutanese vehicles between Indian LCS and Bangladesh LCS was signed on the day in line with a decision reached between Dhaka and New Delhi during Prime Minister Sheikh Hasina’s January 2010 India visit.
National Board of Revenue (NBR) member M Shah Alam Khan signed the deal with Indian foreign ministry’s joint secretary Harshabardhan Sinla.
The two sides at that time agreed that trucks for movement from Bhutan and Nepal will be allowed to enter 200 meters inside the Bangladesh border under arrangements to be mutually agreed and put in place both the countries.
The Standard Operating Procedure (SOP) aimed to facilitate movement of trucks from Nepal was concluded in October 2010 during the Bangladesh commerce minister’s New Delhi tour.
An identical SOP to facilitate movement of trucks from Bhutan signed on July 7, 2011 will promote bilateral trade between Bhutan and Bangladesh.
BBN/SSR/AD-07July11-8:40 pm (BST)
