Dhaka [Bangladesh], May 19 : India's trade restrictions is likely to have long-term impact on employment landscape in Bangladesh, a senior official of the International Labour Organization (ILO) in Dhaka, said on Monday.
ILO Country Director Tuomo Poutianinen was speaking to the reporters on the occasion of the end of his tenure in Bangladesh.
"Generally, I don't think there will be imminent impact on employment landscape in Bangladesh, because the fact is that much of the employment is in the informal economy, is in the agriculture, is in the various sectors that can on their own right continue to ... employment ambitious. Longer term formal business may be affected not by only that but generally global circumstances in the trade", Poutiainen said, when asked about the impact of the trade restriction imposed by India on Bangladesh.
"Bangladesh as a country needs to continuously calibrate. Employment skills and export diversification and looking at the issues. The factor is the quality of labour, the requirements that are exercised by its trading partner. I think it's very important for Bangladesh to continuously the understanding and studying in terms of trade relations and its negotiations with the trading partners," he said.
Earlier on Saturday, the Ministry of Commerce and Industry, imposed immediate land port restrictions on the import of several categories of goods from Bangladesh, following a directive issued by the Directorate General of Foreign Trade.
According to the global Trade Research Initiative (GTRI), India's restrictions on imports from Bangladesh via land ports will impact goods worth USD 770 million, accounting for nearly 42 per cent of total bilateral imports.
The move limits the entry of products such as ready-made garments and processed foods to specific seaports, an official press release by the Ministry stated and is widely viewed as a response to Bangladesh's recent curb on Indian yarn, rice, and other goods, along with its decision to impose a transit fee on Indian cargo, marking a shift from previously cooperative trade relations.
Under the new directive, all kinds of ready-made garments from Bangladesh can now only be imported through Nhava Sheva and Kolkata seaports, with entry through land ports no longer permitted.
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