WTO to review BD's trade policy for 4th time in Sept

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Doulot Akter Mala
World Trade Organisation (WTO) is expected to review the trade policy of Bangladesh for the fourth time in September next in a bid to assess transparency and make other member countries aware of the rules of business.
The organisation will review the existing policy according to WTO rules with a view to scrutinising the existing guidelines after a certain period of time.
The move aims to make the WTO member countries aware of each other's trade policies.
The organisation will conduct the scrutiny from September 24 to September 26 next.
WTO head office in Geneva recently sought suggestions from the country's policymakers on a draft prepared by a two-member mission of WTO.
The mission visited the country in October last to collect necessary information about the trade policy of Bangladesh. It has prepared a draft on Chapter II of the trade policy by holding discussions with different ministries, departments and stakeholders.
The mission has sought information on general institutional and legal framework, formulation and administration of trade policy, main trade laws, trade policy objectives, foreign investment regime and bilateral investment and trade agreements.
The WTO draft report found bureaucratic delays and corruption as negative factors for foreign investment.
"Lack of effective judicial or alternative dispute resolution mechanisms impedes the enforcement of contracts and the resolution of business disputes," the draft WTO report said.
Bangladesh could attract greater foreign investment, which was currently around 1.0 per cent of gross domestic product (GDP), if it improved the investment climate, developed greater power generation capacity and improved its infrastructure, it said.
It said major fiscal incentives are tax holiday, accelerated depreciation allowance (ADA), reduced corporate tax, concessionary duty on imported machinery, avoidance of double taxation etc.
Non-fiscal incentives include unrestricted exit policy, scope to remit royalty, technical know-how, technical assistance fee, 100 per cent foreign equity, permanent residence permit and citizenship on investing US$75,000 etc.
The WTO mission sought information on the recourse available to importers and exporters for administrative and/or judicial appeal in customs cases, and how appeals to the judiciary or an independent tribunal work in connection with administrative rulings in areas relevant to WTO rules.
It wanted to know whether tax-payers can file complaints to an ombudsman against administrative decision or act and the role of ombudsman.
Officials said the government has sent back the report with its opinion and comments on findings of the WTO report.