Sub-group reviews BIMSTEC negative list of products
Sunday, 4 November 2007
Siddique Islam
Bangladesh has started reviewing the size of negative list of products aiming to protect local industries and revenue earnings in line with the on-going BIMSTEC (Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation) trade negotiations.
A sub-group has been formed to review the negative list and make a recommendation on whether it is possible for Bangladesh to reduce the size of the list to 15 per cent.
The nine-member sub-group, headed by Deputy Chief of the Bangladesh Tariff Commission Mostofa Abid Khan, was formed at an inter-ministerial meeting, held in Dhaka recently, official sources said.
"We are still working to prepare the report," a senior member of the sub-group told the FE Saturday, adding that the group will submit the report to authorities concerned immediately after completing the job.
During the meeting, representative of the Tariff Commission said that in Dhaka meeting member countries like India, Thailand, Myanmar and Bhutan agreed to downsize the negative list to 15 per cent.
However, Bangladesh, Nepal and Sri Lanka have showed their reservation on the size of the negative list. This has triggered discussion on revenue collection and protection of infant industries, according to the sources.
The 15th meeting of the Trade Negotiating Committee (TNC) of the BIMSTEC Free Trade Area was held in Dhaka on September 24-26, 2007 to resolve the differences among the member countries and facilitate establishment of a free trade area (FTA) in the region.
The TNC explored the possibilities of reaching a consensus on "negative list of 15 per cent of total HS lines and rules of origin criterion with 35 per cent plus change of tariff sub-heading (CTSH) [for LDCs percentage of value addition is 30 per cent]."
The next TNC meeting is scheduled to be held in the Indian capital, New Delhi on November 12-15 aiming to finalise the issues agreed upon at the Dhaka meeting.
The Metropolitan Chamber of Commerce and Industry (MCCI) urged the government after the meeting to take into consideration the concerns of the business community in taking the final decisions on some crucial issues of the BIMSTEC trade negotiations.
"The main concern is the adjustment required by the domestic industries to face the competitive pressures as a result of increased imports from several BIMSTEC countries following reduction of tariff. The government should also effectively negotiate the negative list and duty-free market access for our export items with realistic rules of origin, which are easy to comply with," the MCCI said in an editorial of October, 2007 issue of Chamber News.
Bangladesh has started reviewing the size of negative list of products aiming to protect local industries and revenue earnings in line with the on-going BIMSTEC (Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation) trade negotiations.
A sub-group has been formed to review the negative list and make a recommendation on whether it is possible for Bangladesh to reduce the size of the list to 15 per cent.
The nine-member sub-group, headed by Deputy Chief of the Bangladesh Tariff Commission Mostofa Abid Khan, was formed at an inter-ministerial meeting, held in Dhaka recently, official sources said.
"We are still working to prepare the report," a senior member of the sub-group told the FE Saturday, adding that the group will submit the report to authorities concerned immediately after completing the job.
During the meeting, representative of the Tariff Commission said that in Dhaka meeting member countries like India, Thailand, Myanmar and Bhutan agreed to downsize the negative list to 15 per cent.
However, Bangladesh, Nepal and Sri Lanka have showed their reservation on the size of the negative list. This has triggered discussion on revenue collection and protection of infant industries, according to the sources.
The 15th meeting of the Trade Negotiating Committee (TNC) of the BIMSTEC Free Trade Area was held in Dhaka on September 24-26, 2007 to resolve the differences among the member countries and facilitate establishment of a free trade area (FTA) in the region.
The TNC explored the possibilities of reaching a consensus on "negative list of 15 per cent of total HS lines and rules of origin criterion with 35 per cent plus change of tariff sub-heading (CTSH) [for LDCs percentage of value addition is 30 per cent]."
The next TNC meeting is scheduled to be held in the Indian capital, New Delhi on November 12-15 aiming to finalise the issues agreed upon at the Dhaka meeting.
The Metropolitan Chamber of Commerce and Industry (MCCI) urged the government after the meeting to take into consideration the concerns of the business community in taking the final decisions on some crucial issues of the BIMSTEC trade negotiations.
"The main concern is the adjustment required by the domestic industries to face the competitive pressures as a result of increased imports from several BIMSTEC countries following reduction of tariff. The government should also effectively negotiate the negative list and duty-free market access for our export items with realistic rules of origin, which are easy to comply with," the MCCI said in an editorial of October, 2007 issue of Chamber News.