The Governments of India and Bangladesh have signed a memorandum of understanding (MoU) on textiles sector collaboration, during the visit of Bangladesh’s Minister of Textiles and Jute, Mr. Abdul Latif Siddique, to India.
Following a bilateral meeting between Mr. Siddique and Mr. K Sambasiva Rao, India’s Textiles Minister, the MoU was signed by Secretary Textiles, Government of India, and Senior Secretary Textiles and Jute, Government of Bangladesh.
The MoU on textiles sector collaboration would act as a major trade facilitation mechanism, by establishing an institutional mechanism for collaboration through a Joint Working Group (JWG).
The JWG would develop collaborations between the textiles institutions in the two countries, including skill building institutions, fashion institutes and research institutions.
During the meeting, Mr. Rao assured his Bangladesh counter part that textile mills in Bangladesh would not have any difficulty in sourcing cotton from India during 2013-14 cotton season.
The two ministers also discussed the setting up of a successor organization to the International Jute Study Group (IJSG), whose term concludes in March 2014.
India has in-principle agreed to support the Bangladesh initiative for a successor multilateral organization in jute sector for taking forward the initiatives of the IJSG.
Mr. Rao said India would also be willing to form a joint front with the Government of Bangladesh in requesting prospective member countries to support a proposal for forming a new organization as a successor to IJSG at UNCTAD, as and when the conference is convened on request of the initiating countries.
The basic requirement to move a request to UNCTAD is that it should be moved by countries representing major share in the production and trade of the commodity, i.e. jute and allied fibres. India and Bangladesh account for over 90 percent of the world production of jute and allied fibres.
Fibre2fashion News Desk - India
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