Government is going to form a new law with a view to control foreign trade.
The main goal of this law, according to them, is to regulate export-imports sector of the country more precisely. However, country’s apex business-association FBCCI showed objection about some clauses and articles of the law and expressed their opinion to cancel it.
Under the proposed law, there’ll be a Directorate that will possess sufficient power to regulate export-imports related matters. Details of this control process have been stated in at least two articles and clause of the draft law.
Recently, after preparing the draft law, Ministry of Commerce asked for the opinion of different governmental agencies and trade organizations. FBCCI expressed their opinion on it to them on August 28.
In the heading of the draft of this ‘Trade (export-import) Management Law 2022,’ it’s stated that the law is to be formed in order to expand and develop trade, along with the provision of control or ban specified products and services.
The draft also says this law will get priority over the existing laws in any cases.
Additional secretary of Ministry of Commerce (import) AKM Ali Ahad Khan said, as country’s export-import are being regulated through ‘The Import and Export (control) Act’ formed in 1950, the law is changing to make foreign trade updated and modern.
About the controlling by-laws in the proposed law, he said, government must have some authority to control trade for serving the greater interest of people; however if the businessman have any objection, it will be fixed through discussion.
According to the proposed law, a separate Directorate is to be formed to control export-import, from where the businessmen have to take permission to open LC. From time to time, this Directorate can limit or ban the export-import of any goods by giving order or issuing notification.
The Directorate will replace the office of Chief controller, export-import and will take the responsibilities of the former. As a result, the Directorate of chief controller, export import will be disbanded. Moreover, Importer, bank, insurance, C&F agents or governmental or private organizations, engaged in export-import, must have to provide any kind of information regarding imported goods usage or selling to the Directorate, if it demands. The responsible officers of the Directorate could check record or journals or the stock of imported products preserved in governmental or private organizations.
In addition, businesses have to take permission from the director general or authorized officers of the Directorate on the issues like import permit paper or LC permit to clear goods from customs, imports or export permit on the basis of return etc.
Regulative articles and by-laws: In the clause 10 of the draft law, describing the importers, business industries, local and foreign investors as ‘Industrial Consumers,’ it has been stated that without having the permission of the director general or authorized officers, none can sale, transfer any goods for using it industrial factories or import it.
In the clause 11 it has been stated that the directorate of chief controller, export import will be disbanded. Moreover, importer, bank, insurance, C&F agents or governmental or private organizations, engaged in export-import, must have to provide any kind of information to the Directorate regarding imported goods usage or selling, if it demands.
FBCCI wants these two regulative by-laws to be cancelled. Additionally, they also want the cancellation of section 15 and 16 of Customs Act 1969.
Mostafa Azad Chowdhury Babu, senior vice president of FBCCI told The Bangladesh Pratidin that already the government is controlling the trade and commerce with ‘Consumer Rights Protection Act’ and ‘Special Power Act. So, the addition of some regulatory clauses in the proposed law will bring detrimental effect on the economy.
He said, in this open-market economy, any kind of regulatory law restricts trade. In the present world condition, if more control is imposed on export-import by forming new law, then it will bring negative impact on business and investment environment of the country.
@The reoprt appeared on the print and online version of Bangladesh Pratidin and has been rewritten in English by Lutful Hoque
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