Finance
Tariff Policy 'Tariff policy' being used to expand market for domestic products
Dhaka, July 18: The government is doing tariff policy to expand the market and trade of Bangladeshi products in the international market. For this purpose, the cabinet has given the in-principle approval of the draft of 'National Tariff Policy, 2023'. The Cabinet meeting was held under the chairmanship of Prime Minister Sheikh Hasina on Monday.
After the meeting, Cabinet Secretary Mahbub Hossain said in the briefing held at the secretariat in the afternoon, the draft of National Tariff Policy, 2023 has been approved. We have tariff commission. They advise in this regard. We did not have any specific policy in this consultation process. The work we have done so far is from time to time the government's trade policy, export policy, industrial policy or import policy in accordance with the tariff they have suggested.
He said, today the draft of this tariff policy was presented by the Ministry of Commerce. The main effort will be to help the industrialization of Bangladesh and help Bangladeshi products compete in the international trade or market, as well as help create a market for Bangladeshi products. Keeping that in mind, he has prepared a roadmap for tariff policy. Today the draft National Tariff Policy, 2023 has been given in-principle approval. It was first done in Bangladesh.
When asked what is the need for tariff policy, he said, "We have completed LDC graduation. Now the privileges we get in international trade will gradually decrease. Then directly enter the competition. Then Assad needs some additions to the current tariff structure if he wants to retain the market and expand the market. A set of recommendations has been developed on how to assist traders in accessing international markets. Based on that, we will proceed step by step in the customs and tax structure."
Pointing out some issues here, he said, this tariff policy has been taken keeping in mind the goal of trade liberalization, increasing the capacity of domestic industry through rationalization of tariff structure, expanding and diversifying exports, encouraging investment, creating employment and achieving a sustainable economy.
He also said that there are 17 principles in the tariff policy. A Monitoring and Audit Committee headed by the Commerce Minister has been constituted for its implementation and monitoring. There is a 16-member committee consisting of a secretary, a member of FBCCI, chairman of the Tariff Commission, who will do the monitoring.
