Speakers at a meeting underscored the importance of attracting new investment, fostering technological advancement and promoting exports of diversified products, especially in key markets where market access benefits are available.
They also stressed the need for simplifying business processes and documentation methods and reducing regulatory burdens.
They observed that leveraging export diversification to the markets in the UK and China will be highly beneficial in the context of changing scenario of global trade.
BUILD, a leading public-private dialogue platform, in association with the Ministry of Commerce (MoC) organised the 10th meeting of its Trade and Investment Working Committee at the conference room of the ministry on Sunday.
Two policy papers titled "DFQF Market Access to China-Policies and Measures to Increase and Diversify Exports" and "UK's DCTS: Policy Measures to Escalate Export to the UK" were presented at the event where Senior Secretary Tapan Kanti Ghosh and President of the Metropolitan Chamber of Commerce and Industry (MCCI)Md Saiful Islam co-chaired.
BUILD CEO Ferdaus Ara Begum reported on the progress of the 9th meeting, highlighting the implementation of eight out of 27 proposed reforms, with nine currently in progress.
Acknowledging the collaborative efforts of the MoC, Local Government Division, and Register of Joint Stock Companies (RJSC), she expressed gratitude for the successful implementation of 5-year trade licences, export and import licences and the initiation of online trade licence services and information dissemination through websites of RJSC etc.
MoC Senior Secretary Tapan Kanti Ghosh underlined the need to reduce documentation requirements, digitise trade licences, review the imposition of income tax on trade licences, etc.
Dr Malay Chowdhury, additional secretary, LGD, informed the meeting that five documents are presently required to apply for a trade licence.
During discussions, it was proposed to streamline the trade licence document requirements to three: NID/Birth Certificate, nature/types of business, and proof of business ownership, he said.
Registrar of RJSC Abdus Samad Al Azad informed that RJSC is working on complete automation of its services.
Besides, he said RJSC is in the process of integrating all organisations concerned like NBR, MOC, and Bangladesh Bank through software upgrades.
In response to BUILD's proposal, NBR Joint Commissioner informed that the renewal of the bonded warehouse licence will be three years instead of two years for all sectors, which NBR will gazette soon.
The MoC endorsed the formulation of a sub-contracting policy for all sectors, like RMG for supporting non-RMG exports.
While presenting the policy paper on 'DFQF Market Access to China', the Senior Research Associate of BUILD shared the identified potential sectors, which are leather and leather goods, fish and processed food, plastics, aluminum, boilers, copper, optical goods, wood and wood products, miscellaneous chemical products, and human hair and RMG for the Chinese market.
The meeting highlighted that China wants prime and fashion-oriented products, which are lacking in the export basket.
On the other hand, it said China is mostly interested in importing primary products from Bangladesh, which has less value addition.
In that respect, investment-led exports should be encouraged, the paper added.
The senior secretary suggested further analysis of the duty-free scenario as per the APTA list to get a clear picture of the preferential export of products from Bangladesh.
He stressed organising sectoral dialogues to leverage duty-free opportunities offered by China.
BUILD CEO Ferdaus Ara Begum shared insights from a study on the UK's DCTS (Developing Countries Trading Schemes), emphasising the benefits it offers to LDCs, including Bangladesh under Comprehensive Preference (CP).
MCCI president and the co-chair of the meeting, Md Saiful Islam, informed that the sample import process has been simplified, and they get benefits from it. He requested NBR to allow LFMEAB to issue online UD and co-efficient independently. He also emphasised increasing business connectivity with India by using regional connectivity.
AKM Ahmedul Islam Babu, director, BASIS, urged for more connectivity with Japan, South Korea and India to increase strength, capability and skills to increase access to the global value chain as well as flourishing e-commerce businesses.
Md Abul Hossain, president, and secretary general, BJMA, informed that they produce 128 jute products and wanted country-specific demand and other relevant information for increasing jute export.
Ismat Jerin, director, Jute Skill Council, NSDA; Md Abdur Razzaque, president, BEIOA; and Shahir Ahmed, Chinese Chamber of Commerce, among others, spoke on the occasion.
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