The country's overseas trade experienced both favours and barriers from external front in 2015, but ultimately the situation ended up with a positive note.
In November, export earnings rose by 13.73 per cent to US$2.75 billion compared to the same month of the previous year. The July-November export went up by 6.7 per cent to $12.88 billion from a year back.
In a major development, the World Trade Organisation (WTO) committee on intellectual property rights in first week of November gave a waiver. It allowed the Least Developed Countries (LDCs) to manufacture pharmaceutical products until 2033 without facing IP rights-related obstructions.
The adoption of the extended waiver by council for Trade-Related Aspects of Intellectual Property Rights (TRIPS) came as a big favour for pharmaceutical products-producing countries, as the current deal was scheduled to end by January 01, 2016. The LDCs are benefited from another waiver programme until 2021.
On the other hand, responding to exporters' plea and reduction in numbers of non-compliant consignments the European Union (EU) in mid-December eased the rules of entry for shrimps from Bangladesh.
The European Union (EU) in 2008 made mandatory attachment of an analytical test report with each consignment of shrimps shipped from Bangladesh to its member states.
From now on, the tests will be carried out as usual in the government labs, but the exporters will not have to attach reports with the consignments.
However, there are some bad news as well. Barriers imposed by several importers shalted the country's merchandising shipment during the year.
In a latest development, Australia imposed an embargo on air shipment from Bangladesh and four other countries, which local apparel makers apprehend that will put an adverse impact on their exports.
The Office of Transport Security Division of the Department of Infrastructure and Regional Development of Australia slapped the restriction on security grounds, which came into effect from December 19.
Usually apparel makers go for air cargo shipments in case of urgency or if they fail to make timely shipments through waterways.
The Jute Commission of India in a notice on September 10 cancelled registration of Indian importers of raw jute and jute products as well as made mandatory fresh registration at importer, buyer and user levels.
It also asked importers to have no-objection certificates (NOCs) for each consignment from the jute commissioner and submit details about the buyers of imported consignments while applying for NOCs.
The directive had created a big barrier to Indian import of jute and jute goods from Bangladesh. Later India slightly softened the new conditions set by the jute commissioner in the face of strong protest from Bangladesh.
Trade officials in Dhaka found imposition of the conditions as a non-tariff barrier.
Recently India has started investigating allegations of dumping jute goods and hydrogen peroxide by Bangladeshi exporters without following SAFTA rules.
Pakistan has also held hearing against Bangladesh's hydrogen peroxide export to its soil in mid-December, and imposed 19.2 per cent anti-dumping duty, putting a significant blockade.
Exporters said imposition of the additional duty has reduced their competitiveness and is seriously hampering export of the chemical.
The generalised system of preferences (GSP) facility for Bangladeshi products in the United States (US) market remained unattained in the outgoing year, despite the government's desperate attempts.
The government was upbeat about getting back the GSP facility after the second forum of TICFA (Trade and Investment Cooperation Forum Agreement), held in November in Washington. However, the US trade administration is yet to show any soft stance on it.
© 2024 - All Rights with The Financial Express
