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Draft of Export Policy 2024-2027 approved eyeing $110bn export target in 2027

BI Desk || BusinessInsider

Published: 00:38, 16 May 2024  
Draft of Export Policy 2024-2027 approved eyeing $110bn export target in 2027

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The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the draft of the Export Policy 2024-2027 eyeing for a $110 billion export target in FY27.

The approval came from the 8th meeting of the CCEA this year held today at the Cabinet Division conference room at Bangladesh Secretariat with Finance Minister Abul Hassan Mahmood Ali in the chair.

Ali presided over the meeting virtually as he was infected with Covid-19, reports BSS.

Briefing reporters after the meeting, Cabinet Division Secretary (Coordination and Reforms) Md Mahmudul Hossain Khan said that the day's meeting approved a total of two proposals.

He said following a proposal from the Ministry of Commerce, the day's meeting approved the Export Policy 2024-2027 since the previous Export Policy expired in 2023.

Mahmudul informed that the fresh Export Policy has been framed considering the LDC graduation related challenges, putting priorities on sectors and products considering their potentials and to augment efforts to make branding of Bangladesh abroad.

The secretary said the salient features of the new Export Policy include facing challenges of LDC graduation, the impacts of COVID-19 and Russia-Ukraine War, long-term strategic vision, 4th industrial revolution, providing support to the micro, small and medium entrepreneurs, setting export target at $110 billon in the last year of Export Policy in 2027, taking steps to increase the participation of the women entrepreneurs in the export-oriented sectors, adoption of environment-friendly and circular economy, taking specific policy for the small and women entrepreneurs to boost their exports, including vegetables and handicrafts as potential priority exportable items, including sipping, dyeing, printing, finishing, manufacturing as special development sector, including pharmaceuticals, medical equipments as potential items in the policy alongside handicrafts, finding alternate ways of providing stimulus to the exporters following rules and regulations of the WTO, updating the list of export prohibited products and the export list of conditional products.

Mahmudul said the day's CCEA meeting also approved a proposal from the Ministry of Commerce for extending the timeframe of procuring essential items by the state-run Trading Corporation of Bangladesh by import or locally by one year till June 30, 2025 as the timeframe is due to expire on May 26, 2024.

He informed that some one crore low-income group families are enjoying the facilities of procuring essential items at subsidized rates from the TCB and the day's meeting approved a proposal for allowing TCB to procure such essential items by another one year for state requirement.