KATHMANDU, Oct 1 (BDNEWS): The bilateral trade between Bangladesh and Nepal have come down from US$ 13 million in fiscal year 1994-95 to $ 2.56 million in 2004-05.
It was revealed at a seminar on Nepal-Bangladesh Economic Cooperation organised by Bangladesh embassy in Nepal and Export Promotion Bureau (EPB) of Bangladesh at Kathmandu Friday as part of Bangladesh's Single Country Fair in Nepal.
The export and import of both the countries destined to each other also declined during the period.
Bangladesh's total import from Nepal declined by 30 per cent in fiscal year (FY) 2005 against the corresponding period of the last year while the share of export also declined by 69 per cent during the period.
Speakers said that higher tariff and special duty and non-tariff barriers imposed by both the countries to protect local sectors were the reasons of fall in the trade volume.
Mir Nasir Hossain, President of the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI), said the balance of trade between the two countries remained in favour of Bangladesh in the early years of 1990s, but it went in favour of Nepal after FY 1996.
Secretary of the Ministry of Industry, Commerce and Supplies (MoICS) of Nepal Bharat Bahadur Thapa and Acting Vice-chairman of the Export Promotion Bureau Mostafa Mohiuddin were also present at the seminar.
Speakers demanded formation of a task force to identify the barriers on the way to increase trade so that measures could be taken to boost the trade between the two countries.