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17 January 2022


Business Insider Bangladesh
Rangdhonu Group

Latest export policy to create ample job opportunities, investment: Govt

Asif Showkat Kallol || BusinessInsider

Published: 08:08, 12 January 2022   Update: 15:13, 12 January 2022
Latest export policy to create ample job opportunities, investment: Govt

Photo: Representational

KSRM

Banking on the export driven growth strategy, the Ministry of Commerce has formulated an export policy for the period of 2021-2024.

The draft export policy will be presented by the commerce ministry before the Cabinet Committee on Economic Affairs for approval, today.

According to the draft policy, one of the objectives of the policy is to create massive employment through the export growth, gain a fair balance in the import-export trade and make a significant contribution to the national economy.

In addition, to bring dynamism in trade through continuous development of the desired export-friendly environment, enhancing trade capacity, strengthening Bangladesh's competitiveness in the world and developing the country's economic activities will get priorities, officials said.

Export policies are written every three years to make sure that they are in line with the government's priority plans for economic development and comply with the needs of the export sectors. While doing so, the world trade scenario and context are being considered accordingly, they added.

The term of the three-year export policy formulated for the period 2018-2021 has expired on June 30, 2021. However, the ensuing Export Policy 2018-2021 will remain in force until the new one is finalised.

As per the draft policy, the Bangladesh’s transition to developing country will create a positive image in the world and generate new opportunities for investment and trade as well as create a number of challenges.

One of the challenges is losing or getting limited access to duty-free and quota-free market access in the international market under the WTO. In order to meet this challenge, it is essential to produce quality export goods and services at competitive prices and to diversify the market.

It is also necessary to conclude trade agreements with potential countries to create alternative market facilities, officials said.

The government has formulated the 8th Five Year Plan (2021-2025) as a guideline for the implementation of the Sustainable Development Goals-2030. The 8th Five Year Plan also emphasises inclusive growth, strengthening labor-intensive export-oriented industrial production, diversified agricultural products, expansion of cottage, micro, small and medium enterprise, and modern service sectors.

The draft policy identifies the garment sector (RMG) as well as the non-RMG sector, ICT services, software, business process outsourcing (BPO), and tourism sector as the most promising sectors for product and service diversification. The 8th Five Year Plan will play an important role in the formulation of export policy 2021-2024.

Draft export policy is supposed to address LDCC graduation, formulate action plans for R&D benefits under various WTO agreements, harmonize existing incentives with WTO regulations and diversify products and services.

In the formulation of the proposed export policy 2021-2024, long discussions and recommendations have been taken with the major industrial and commercial bodies of the country, trade organisations, research institutes, concerned ministries, government departments and agencies.

Besides, the draft of the proposed export policy 2021-2024 has been published on the website of the Ministry of Commerce for the convenience of others to give their feedback, a commerce ministry official said.

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