Cabinet body endorses import, export policies
Monday, 28 September 2009
FE Report
The cabinet committee on economic affairs endorsed the Import Policy and Export Policy for 2009-12 aiming to bring more vibrancy in international trading.
The policies were discussed and the import policy was approved with some amendments but no changes were made in the export policy, said additional cabinet secretary Tariqul Islam on Sunday after the committee meeting.
The proposed export policy stipulated that export-oriented companies must increase their productivity and improve their product quality to be competitive in the international market, he said.
The policy identified seven thrust sectors and 11 special development sectors and wanted to transform the comparative advantage to competitive advantage.
This is the first time service sector has also been included in the export policy. The earlier policies only highlighted the promotion of tangible products.
Cash incentives have been expanded to export potential emerging sectors and seven thrust sectors and the 11 special development sectors will continue to enjoy the benefit, according to the policy.
The government will increase economic diplomacy activities and bring vibrancy in the foreign missions to increase export.
The proposed import policy has been made simpler under the guidelines of the World Trade Organisation to ensure supply of products at times of crisis, the additional secretary said.
Importers can import eggs of birds, chicken and duck on conditional basis and owners of readymade garment industries can import raw materials and capital machinery without any letter of credit and essential products can also be imported without LC.
Inco terms used in the international trade are incorporated in the policy and importers can import rice seed on conditional basis.
The cabinet committee on economic affairs endorsed the Import Policy and Export Policy for 2009-12 aiming to bring more vibrancy in international trading.
The policies were discussed and the import policy was approved with some amendments but no changes were made in the export policy, said additional cabinet secretary Tariqul Islam on Sunday after the committee meeting.
The proposed export policy stipulated that export-oriented companies must increase their productivity and improve their product quality to be competitive in the international market, he said.
The policy identified seven thrust sectors and 11 special development sectors and wanted to transform the comparative advantage to competitive advantage.
This is the first time service sector has also been included in the export policy. The earlier policies only highlighted the promotion of tangible products.
Cash incentives have been expanded to export potential emerging sectors and seven thrust sectors and the 11 special development sectors will continue to enjoy the benefit, according to the policy.
The government will increase economic diplomacy activities and bring vibrancy in the foreign missions to increase export.
The proposed import policy has been made simpler under the guidelines of the World Trade Organisation to ensure supply of products at times of crisis, the additional secretary said.
Importers can import eggs of birds, chicken and duck on conditional basis and owners of readymade garment industries can import raw materials and capital machinery without any letter of credit and essential products can also be imported without LC.
Inco terms used in the international trade are incorporated in the policy and importers can import rice seed on conditional basis.