Al Amin :
Bangladesh will have to launch a special effort, both at home and abroad, to revive the country’s economy amid the global economic crisis resulting from the ongoing Covid-19 pandemic.
As part of international effort, for developing countries like Bangladesh, economic diplomacy will play an active, sometimes leadership role to increase export earnings in coming days, economists said.
They said, new markets in Japan, Australia, Eastern Europe and Africa must be developed taking advantage of the European Union’s “Everything But Arms” (EBA) initiative in support of the LDCs.
This initiative gives Bangladesh the opportunity to diversify its exports, particularly in the agro-processing sector, they added.
Besides, updated payment rules, export credit guaranty and establishing “Free Trade Warehousing Zone” will help the country to get benefited from the international trade, the economists said.
Keeping in mind, the Foreign Minister recently wrote a letter to heads of Bangladesh missions abroad asking them to continue discussion with the host countries, policymakers and importers to maintain the export growth keeping trade privileges unhurt.
In the letter, the foreign minister said all the Bangladesh missions abroad will have to work more proactively to find new markets for Bangladeshi readymade garments, pharmaceuticals and agro products.
Prof Dr Mustafizur Rahman, Distinguished Fellow of the Centre for Policy Dialogue (CPD) said after LDC graduation Bangladesh will have to export its products giving 12 per cent duty whereas Vietnam will enjoy zero tariff.
“Vietnam exported $262 billion in the last year whereas Bangladesh’s export earning was only $40 billion. So, we need to turn comparative advantage into competitive advantage,” he said.
Emphasizing on export diversification, he stressed on grabbing regional market, effective implementation of BBIN, one belt, one road initiative. We need to transform multimodal transport corridor into an economic corridor.
He further said Bangladesh should focus on bilateral FTA, but in the form of economic partnership agreement.
Regarding Bangladesh’s LDC graduation, he said the government may think of deferring the graduation or seeking international support measures for 3-4 years after the graduation.
Shams Mahmud, President of the Dhaka Chamber of Commerce & Industry (DCCI), said that the country have no alternative way, but to expedite economic diplomacy, focus on FTA, PTA, TICFA’s implementation.
Calling upon to address the issues of Para-Tariff and NTBs with India and other SAARC countries, he urges the government to accelerate the procedure of getting the observer status of ASEAN.
Dr. M. Masrur Reaz, Chairman, Policy Exchange said, “Comprehensive trade and investment policies will play a key role to attract FDI. Bonded warehouse facility to non-RMG sector will help other sectors to be more competitive in terms of export,”
Syed Nasim Manzur, Managing Director of Apex Footwear Ltd, said, “Getting advantage in international trade, strong economic diplomacy is needed.”
He also said that updated payment rules, export credit guaranty and “Free Trade Warehousing Zone” are needed to get benefit of the international trade.
