Economic Reporter :
Businesses and experts have urged the government to provide equal fiscal monetary assistance to all the potentials export oriented sectors as like the readymade garments sector.
The country will need to proceed for bilateral FTA with potential partner countries for which we need to have deeper studies, research and understanding for offsetting revenue loss in order to make the country competitive in export as a number of DFQF (Duty-Free Quota-Free) facilities will be eroded after graduation, they said.
They came up with the remarks while speaking at the 8th meeting of Trade & Investment (T&I) Working Committee of the Business Initiative Leading Development (BUILD) at the Commerce Ministry on Thursday.
Speaking on the occasion, Commerce Secretary Dr Md Jafar Uddin said that export diversification is one of the priorities of our government for which our government is working actively.
He assured for implementation of the proposed reform of BUILD for export diversification and supportive policies for Non-RMG sectors.
He also requested BUILD to send all proposals coming out of the Trade and Investment Working Committee meeting and they will be actively considered but we need the recommendations with action matrix so that we can coordinate with different ministries accordingly to see a better implementation of our reforms.
Barrister Nihad Kabir, President of Metropolitan Chamber of Commerce and Industry (MCCI), said that the government should come forward to provide equal fiscal monetary assistance to all the potentials export oriented sectors as like the RMG.
She also underscored the need for private dialogue before formulating policies that matter most to private sector development.
Ferdaus Ara Begum, CEO of BUILD, in her key presentations, informed that out of proposed 13 reforms proposals in the last committee meeting, seven were approved.
Some policy differences for non-RMG sectors, specifically in availing the benefits of Bonded Ware House(BWH) facilities in respect of new entitlement, UD, coefficient, automatic renewal of BWH, audit, sub-contracting, sample import etc. and suggested simplification of policies that benefit all sectors such as leather and leather goods, plastic, electrical and electronic goods and agro-processing sector, she referred.
Md Hafizur Rahman, Additional Secretary of Export Wing of the ministry, said that export sectors apart from RMG should get the equal treatment in case of export. COVID-19 has made us to changes in policies related to export, he said.
