DHAKA (Agencies) - India has said 'no' to Prime Minister Sheikh Hasina's proposal for forming South Asian taskforce to fight terrorism in South Asia. Indian External Affairs Minister Pranab Mukherjee Monday apparently gave cold shoulder to Bangladesh's proposal for forming anti-terrorism regional taskforce, saying what is most important is sincerity to fight against terrorism. In reply to a question about India's response to the taskforce proposed by newly elected Prime Minster Sheikh Hasina, he told a Press conference held jointly with the Foreign Minister of Bangladesh that so far as the concept of the taskforce is concerned, there are already certain regional and international mechanisms existing. "All of us are party to the UN Security Council resolution of 267 to ban the terrorist organisations after due investigation . This mechanism is used time to time," he said. Pranab said they discussed with Foreign Minister Dipu Moni the concept of regional architecture of the antiterrorism taskforce. There is no conflict between the regional architecture and within the regional architecture in bilateral arrangements. The Indian External Affairs Minister said, "What is more important is sincerity to fight against terrorism. It can be achieved if we have bilateral mechanism, if we have regional and global mechanism." But he said, "If there is inability, incapability or unwillingness to tackle the problem of terrorism and to fight against terrorism as global issue, then the problem comes." He said architecture or framework does not stand in the way of fighting against terrorism, be it bilateral, regional or global. Dr Dipu Moni said Prime Minister Sheikh Hasina mooted the proposal to combat terrorism and will hold dialogue with the countries including Pakistan in the region to find out a modality. "All the countries have their national mechanisms. But, in addition to that, since terrorism is a problem not confined to any border, it needs regional cooperation to effectively fight against the menace," she told journalists. Meanwhile, Bangladesh and India signed two deals to boost trade and discussed ways to prevent cross-border militant attacks, officials said. The pacts on bilateral trade and investment were signed after meetings between Pranab and Moni. The Indian Minister said the deals would reduce the South Asian neighbours' trade gap, which has soared to around three billion dollars in favour of India. His Bangladesh counterpart said the two sides had a "comprehensive discussion" on security issues, with Dhaka pledging not to allow its soil to be used by terror groups to attack India. Pranab is the highest-ranked foreign official to visit Bangladesh since Sheikh Hasina's Awami League party won a landslide victory in Bangladesh's general elections six weeks ago. The Awami League is seen as close to India. In recent years the ties have often been strained by border skirmishes and New Delhi's accusations that some Bangladesh-based groups were behind a number of blasts across India - though not the Mumbai attacks in November.