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The Petrapole-Benapole Integrated Check Post (ICP) between India and Bangladesh will function round-the-clock.
“In order to facilitate movement of cargo across the border, India and Bangladesh have agreed to operate Petrapole-Benapole ICP 24×7, with effect from 1st August 2017,” our New Delhi correspondent reports quoting a statement issued by the Indian Ministry of Commerce and Industry in India on last evening.
The Land Ports Authority of India (LPAI) and Central Board of Excise and Customs (CBEC), the implementing agencies on the Indian side, have issued necessary instructions in this regard, according to the statement.
The 24×7 operation of Petrapole-Benapole ICP “is expected to be a significant milestone towards expeditious clearance of cargo and, hence boost the bilateral trade between the two countries,” said the statement, according to the correspondent.
The Integrated Check Post was inaugurated by Prime Ministers Sheikh Hasina and Narendra Modi via video-conferencing on July 21, 2016 and both termed it as a “milestone” in promoting India-Bangladesh trade.
An estimated 60 percent of India-Bangladesh trade is conducted through the Petrapole-Benapole Check Post, Asia’s largest land customs station.
Besides, the movement of cargo between the two countries round the clock will cut down movement time and bring down the cost as there will be less dependence on the need for warehousing, Indian officials said.
Meanwhile, a new bilateral trade agreement between India and Bhutan providing for a free trade regime between the two countries and duty-free transit of Bhutanese goods for trade with third countries has gone into force from July 29 this year, a separate statement from the Indian Commerce and Industry Ministry said on Monday evening.
The new Agreement on Trade, Commerce and Transit Agreement was signed on 12th November 2016 by India and Bhutan in November, 2016.
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