Commerce Adviser Sk Bashir Uddin on Sunday said the government is implementing comprehensive reforms to trade policies and commercial laws to create a more liberalised, inclusive and justice-based economic environment.
He said the government is in the final stages of amending the Import Policy Order (IPO) to simplify trade operations. The proposed changes focus on easing transaction instruments and aligning conformity assessment requirements with international standards to which Bangladesh is a signatory.
“These amendments are expected to be placed before the Cabinet for approval very shortly, possibly in the upcoming session,” Bashir said while speaking to reporters at the Bangladesh Secretariat.
He added that several key laws are also being amended to make the legal framework more responsive to future economic challenges. These include the Companies Act, the Consumer Rights Protection Act and the Control of Essential Commodities Act, also referred to as the Competition Act.
The adviser emphasized that the commerce ministry and its various wings are working collectively to introduce structural, procedural and cultural reforms in the trade sector.
On the international front, Bashir said Bangladesh has made notable progress in trade negotiations. Referring to trade relations with India, he said day-to-day bilateral incidents generally do not affect overall trade dynamics.
He noted that Indian port closures earlier this year, around May, led to a decline in Bangladeshi exports, but the government chose not to take any retaliatory measures.
Bashir clarified that certain domestic trade policies, such as restrictions on jute exports, are intended solely to meet internal demand and ensure local supply, rather than to target any specific trading partner. Bangladesh, he said, remains committed to liberal trade practices globally unless a particular situation poses a threat to the national economy.
Ahead of the holy month of Ramadan, the adviser announced that a stakeholder meeting has been scheduled for January 19 to review the stock and import status of essential commodities, with the aim of ensuring market stability and preventing potential price hikes.
Source: BSS
Bd-pratidin English/ Jisan
