Bangladesh is an export-oriented developing country and its export policy, which was published in 2015 will remain in force till June 30, 2018.
The export policy shall be applicable in all places in Bangladesh except the Export Processing Zones, Bangladesh Economic Zones and private Export Processing Zones. Bangladesh pursuing export-oriented industrialization with its key export sectors including textiles, shipbuilding, fish and seafood, jute and leather goods etc. According to the IMF, Bangladesh’s economy is the second fastest growing major economy of 2016, with a rate of 7.1% that has been largely motivated by its exports of RMG products. So it is really positive to have an export policy that could help promote export of the country.
The government prioritize 12 sectors as the ‘most potential’ while 14 other sectors as ‘special development’.
The 12 highest priority sectors in the new export policy are high value added RMG accessories, software and IT-enabled services and ICT products, pharmaceutical products, shipbuilding, shoe and leather products, jute and jute-based products, plastic products, agro products and agro-processed products, furniture, home textile and terry towel, home furnishing and luggage.
The 14 special development sectors are multifarious jute-based products, electronic and electric products, ceramic products, light engineering, value added frozen fish, printing and packaging, crude diamond and jewelry, paper and paper products, rubber, silk products, handicraft and cottage products, lungi and tent industry products and coconut coir.
The 17 export prohibited products that have been identified in the new export policy are edible oil, wheat, onion, garlic, all sorts of pulses except processed one, general rice except the fragrant rice, jute seed, arms and ammunition-related products etc.
According to the Ministry of Commerce, this export policy will remain valid until the new export policy is enforced and any tax-and-tariff-related decision announced in the National Budget and by the National Board of Revenue shall prevail over the export policy. Bangladesh export policy set some objectives to achieve like-
To attain the objective the export policy included some implementation strategy. Some strategies are given below-
This is a comprehensive export policy, which included total seven chapters. In these seven chapters, the policy pointed out several issues like- General Provision for Export Chapter, Export Diversification, General Export Facilities, Product- Specific Export Facilities, Export of Services and Various Measures for the Promotion of Export.