The Petrapole-Benapole border crossing is an important trade point for both the countries with 50 percent of the total trade passing through it. Trade worth over Rs 15,000 crore is conducted through Petrapole ICP and is more that all the Indian Land Ports and Land Customs Stations combined together.
“Eight such integrated check posts along Indo-Bangladesh border to be set up in times to come,” Prime Minister Narendra Modi said after jointly inaugurating the check post through video-conferencing with Bangladesh Prime Minister Sheikh Hasina.
Prime Minister Modi emphasized that the ICP was important not only for the bilateral trade but also in giving an impetus to the economic growth of the two countries. The check post will also trigger economic integration and connectivity between both countries. “Petrapole ICP will aim to provide better facilities for effective and efficient discharge of functions such as security, immigration and customs. It will also provide support facilities for smooth cross-border movement of people, goods and transport,” Modi added.
According to The World Bank, South Asia is the least integrated region region in the world. The intra-regional trade in South Asia is less than 5 percent as against 35 percent in East Asia and 60 percent in Europe. Due to lack of connecting facilities the cost of trading across borders in South Asia is one of the highest in the world. It is 20 percent cheaper for India to trade with Brazil than with Pakistan. And the estimates see a potential of 300 percent increase in Bangladesh’s exports to India.
Modi also reiterated India’s support to Bangladesh to fight terrorism. “India stands with Bangladesh in its fight against terrorism and will extend all possible help in this regard,” said the Prime Minister.
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