Staff Reporter :
The Commerce Ministry is going to bring major reforms in the country’s trade laws and policies to cope with the international trade and the changing global economic situation resulted from ongoing Covid-19 pandemic.
The Commerce Ministry sources said at least 60 laws and policies are likely to be reformed to highlight the country’s potentiality in world trade and to meet demands after the country’s graduation from the LDC status in 2024.
The Ministry Secretary Dr Md Jafar Uddin held a meeting with the leaders of different trade bodies and the related persons at CIRDAP auditorium in the city on Tuesday and sought opinions from them.
“This initiative will benefit the country’s trade and commerce and will help reduce trade deficit. Apart from this, the country’s trade policy will be up-to-date as well as play a helpful role in overcoming the ongoing Covid-19 epidemic,” said Shams Mahmud, President of Dhaka Chamber of Commerce and Industries (DCCI).
“Bangladesh will have to face more unequal competition with the competing countries in coming days. So, business-friendly policies are now a dire need,” he added.
The Ministry sources said Bangladesh Regional Connectivity Project-01 under the Commerce Ministry has taken the initiative to update the trade policies and the laws.
On the other hand, the National Trade and Transport Facilitation Committee (NTTFC) has identified 60 trade policies, laws and regulations for reviewing to cope with the changing world trade situation.
Of them, 13 laws are being amended and 27 trade policies are reviewing by a special committee of the Commerce Ministry.
The major amending laws, among others, are Import-Export (Control) Act-1950, Company Act-1994, CIP (Export) Policy 2013, The Essential Articles Act-1953, Export Development Bureau Act-2015, Foreign Exchange Transition Guideline-2018, Registered Exporter System Implementation Guideline-2019, Gold Policy-2018, National Export Trophy Policy-2013, Subcontracting guidelines for the readymade garments sector 2019, New custom law 2018, Baggage Rules 2018, VAT and Supplementary Duty Act 2012, Tariff schedule 2018, National ICT Policy 2018, Investment Development Authority (BIDA) Act 2018 and One Stop Service Act-2018.
Officials said Bangladesh needs to improve the business facilitation index with a view to attracting foreign investment in the changing situation. Besides, the country will have to face challenges in exporting sectors after graduation from the LDC status in 2024.
Keeping the issues in mind, the steps have been taken to change or amend the country’s trade policy by following FTA guidelines, they added.
Jafar Uddin said, “Bangladesh will go forward further in international trade by amending trade policies and laws. The plan will also help attract foreign direct investment.”
The Commerce Ministry is going to bring major reforms in the country’s trade laws and policies to cope with the international trade and the changing global economic situation resulted from ongoing Covid-19 pandemic.
The Commerce Ministry sources said at least 60 laws and policies are likely to be reformed to highlight the country’s potentiality in world trade and to meet demands after the country’s graduation from the LDC status in 2024.
The Ministry Secretary Dr Md Jafar Uddin held a meeting with the leaders of different trade bodies and the related persons at CIRDAP auditorium in the city on Tuesday and sought opinions from them.
“This initiative will benefit the country’s trade and commerce and will help reduce trade deficit. Apart from this, the country’s trade policy will be up-to-date as well as play a helpful role in overcoming the ongoing Covid-19 epidemic,” said Shams Mahmud, President of Dhaka Chamber of Commerce and Industries (DCCI).
“Bangladesh will have to face more unequal competition with the competing countries in coming days. So, business-friendly policies are now a dire need,” he added.
The Ministry sources said Bangladesh Regional Connectivity Project-01 under the Commerce Ministry has taken the initiative to update the trade policies and the laws.
On the other hand, the National Trade and Transport Facilitation Committee (NTTFC) has identified 60 trade policies, laws and regulations for reviewing to cope with the changing world trade situation.
Of them, 13 laws are being amended and 27 trade policies are reviewing by a special committee of the Commerce Ministry.
The major amending laws, among others, are Import-Export (Control) Act-1950, Company Act-1994, CIP (Export) Policy 2013, The Essential Articles Act-1953, Export Development Bureau Act-2015, Foreign Exchange Transition Guideline-2018, Registered Exporter System Implementation Guideline-2019, Gold Policy-2018, National Export Trophy Policy-2013, Subcontracting guidelines for the readymade garments sector 2019, New custom law 2018, Baggage Rules 2018, VAT and Supplementary Duty Act 2012, Tariff schedule 2018, National ICT Policy 2018, Investment Development Authority (BIDA) Act 2018 and One Stop Service Act-2018.
Officials said Bangladesh needs to improve the business facilitation index with a view to attracting foreign investment in the changing situation. Besides, the country will have to face challenges in exporting sectors after graduation from the LDC status in 2024.
Keeping the issues in mind, the steps have been taken to change or amend the country’s trade policy by following FTA guidelines, they added.
Jafar Uddin said, “Bangladesh will go forward further in international trade by amending trade policies and laws. The plan will also help attract foreign direct investment.”
