Dhaka to prepare products list for marketing abroad
FE Report | Friday, 13 June 2008
Dhaka will prepare a list of products for marketing abroad under zero tariff facility as per WTO Hong Kong Declaration in 2005, said an adviser Thursday.
"The list will be prepared within the next month," said commerce adviser Hossain Zillur after a meeting with the country's trade experts on World Trade Organisation (WTO) issues.
It will include non-agricultural products as Hong Kong declaration adopted duty free access of 97 per cent products of least developed countries (LDCs) to developed and developing markets.
"Dhaka has to prepare the list as its representative in Geneva needs to start negotiation to implement the declaration," said the adviser.
The adviser said Dhaka will prepare another paper to press home its demand to allow duty free entry of its further three per cent products to overseas markets.
Dhaka has to select 97 per cent products from the country's existing tariff line covering 5226 products.
Developed and developing markets have the right to include some 150 products originating from Bangladesh and other LDCs within three per cent non-duty free access.
Experts said Hong Kong declaration is not favourable for LDC like Bangladesh as the country's major export item garment and textile might fall under non-duty free access and face higher duty.
Garment products account more than 75 per cent of the country's total export of US$ 12.18 billion in the last fiscal.
The commerce adviser said a strategic paper will be prepared by next three months to fix the country's future course of action against another Hong Kong declaration on withdrawal of subsidy on agricultural products by the rich countries.
Trade expert Mustafizur Rahman said the country might face problem if the rich countries withdraws subsidy on agricultural products.
Rahman said: "The withdrawal of subsidy will make the food grain costlier in the international market."
Bangladesh as a net food importing country will be forced to make costly imports to maintain overall food security, he said.
"The list will be prepared within the next month," said commerce adviser Hossain Zillur after a meeting with the country's trade experts on World Trade Organisation (WTO) issues.
It will include non-agricultural products as Hong Kong declaration adopted duty free access of 97 per cent products of least developed countries (LDCs) to developed and developing markets.
"Dhaka has to prepare the list as its representative in Geneva needs to start negotiation to implement the declaration," said the adviser.
The adviser said Dhaka will prepare another paper to press home its demand to allow duty free entry of its further three per cent products to overseas markets.
Dhaka has to select 97 per cent products from the country's existing tariff line covering 5226 products.
Developed and developing markets have the right to include some 150 products originating from Bangladesh and other LDCs within three per cent non-duty free access.
Experts said Hong Kong declaration is not favourable for LDC like Bangladesh as the country's major export item garment and textile might fall under non-duty free access and face higher duty.
Garment products account more than 75 per cent of the country's total export of US$ 12.18 billion in the last fiscal.
The commerce adviser said a strategic paper will be prepared by next three months to fix the country's future course of action against another Hong Kong declaration on withdrawal of subsidy on agricultural products by the rich countries.
Trade expert Mustafizur Rahman said the country might face problem if the rich countries withdraws subsidy on agricultural products.
Rahman said: "The withdrawal of subsidy will make the food grain costlier in the international market."
Bangladesh as a net food importing country will be forced to make costly imports to maintain overall food security, he said.