Harmonize Policies and Practices
- To make trade policies consistent with international standards and obligations
- To harmonize national policies and practices with international
- To simplify trade procedures targeting facilitation
Reform in 60 policies/regulations
- 11 recommendations accepted in IPO 2021-24
- 21 recommendations accepted in Export Policy 2021-24
- Tariff on Cold storage and chillers reduced from 104.68% to 37%
- Tariff on Cold Storage Freezers reduced from 104% to 1%
- National Board of Revenue (NBR)
- Ministry of Commerce (MoC)
- Ministry of Fisheries and Livestock (MoFL)
- Department of Livestock Services (DLS)
- Department of Fisheries (DoF)
- Bangladesh Food Safety Authority (BFSA)
Streamlining Trade Policies and Practices: Enhancing Bangladesh's Trade Ecosystem
A trade policy is a government policy and practices that affects the number of goods and services a country exports and imports. Bangladesh trade has a great potentiality in export and import. The country is also working hard in implementing a friendly, time & cost-effective Trade Policies and Procedures for the ease of business. So trade policy will play an important role here. General trade policy objectives have focused on reduced protection, achieving a more outward- oriented trade regime, increased market access for exports, and greater global integration, aimed at increasing economic efficiency, competitiveness, and export-led growth. The new National Tariff Policy 2023, gazetted on 10 August 2023, also aims to diversify and expand exports by reducing current anti‑export biases; provide incentives to investors; eliminate minimum import values in accordance with World Trade Organization (WTO) regulations; and create jobs. Instead, the policy introduces non-cash incentives that comply with WTO rules, allowing Bangladesh to maintain its competitiveness in the global market without violating international trade agreements.
Bangladesh's trade policy for 2024 includes a number of measures, including:
• Export policy: The government aims to export $110 billion worth of goods by 2027. The policy also aims to increase female participation in exports by providing training, improving skills, and establishing connections with the industry.
• Import policy: The government has withdrawn regulatory and supplementary duties on 425 types of imports, including apparel, fish, food, animal meat, fabrics, and cosmetics. The government will continue to withdraw duties on between 1,200 and 1,300 types of imports over the next three budgets.
• Investment incentives: Bangladesh offers a range of investment incentives to attract foreign investment.
• Business facilitation: The business registration process can take as little as two weeks.
• Tariff policy: The government plans to gradually reduce import tariffs until a reasonable threshold is reached.