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Our Bureau

New Delhi, March 13 The Union Cabinet today gave its nod for allowing duty-free market access to India for eight million pieces of garments from Bangladesh per calendar year. This market access would be without any sourcing condition.

The latest decision is in modification of the earlier Cabinet approval given at its meeting held on December 29, 2005 for market access for eight million pieces of garments from Bangladesh with the sourcing condition for six million pieces and without any sourcing condition for two million.

An official spokesperson said that the latest move is expected to correct to some extent the trade imbalance of Bangladesh with India.

Meanwhile, the Union Cabinet also gave approval for removal of sourcing condition and port restrictions on Tariff Rate Quota (TRQ) of eight million pieces of garments for imports from Sri Lanka to India per calendar year.

It also decided to notify the MoU dated 5.10.2007 to operationalise TRQ in respect of three million pieces of garments. The Cabinet also decided to allow negotiating flexibility in respect of remaining three million pieces on zero duty and two million pieces on 75% margin of preference as the negotiations proceed on items included in the MoU. Removal of sourcing condition and port restriction will facilitate operationalisation of TRQ without causing any further adverse revenue implication.

This is expected to correct to some extent the trade imbalance of Sri Lanka with India, an official spokesperson said.

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