Lobby trading partners for duty benefit after LDC graduation
Apex MD Syed Nasim Manzur suggests at virtual discussion Star Business Report Star Business Report
Bangladesh should lobby its major trading partners, including China, Japan, India and the European Union, to safeguard duty privileges for export growth once it leaves the group of least developed countries (LDCs), believes a leading entrepreneur.
By 2050, the Asian region will possess 50 per cent of the world s wealth and Bangladesh should also focus more on its markets like China, Japan and India, said Syed Nasim Manzur, managing director of Apex Footwear, yesterday. I have not opened franchise retail shops in Madrid, London and any country in Europe. But last month I opened a franchise retail store at Kathmandu and I have a plan to open three more such stores in Nepal next year, he said.
Experts for concerted steps to ensure smooth LDC graduation
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DHAKA, Dec 20, 2020 (BSS) – Experts at a webinar today stressed the need for taking some concerted steps like promoting export competitiveness, reducing dependency on revenue from imports, raising the tax-GDP ratio as well as expanding the tax net, and putting utmost priority to the trade policy options with EU and UK in a bid to ensure smooth LDC graduation of Bangladesh.
They also suggested for prioritizing those FTAs only where export market access is critical, becoming selective about FTAs as “mad rush” to any FTA will not yield good, and offsetting costs to improve competitiveness for Bangladesh.
Future of export hinges on continuity of EU duty benefit PRI study says
PRI study says
The future of Bangladesh s exports heavily depends on the continuation of duty-free privileges to the European Union, the country s largest export bloc, following the 2024 status graduation, according to findings of a study released yesterday.
If the EU extends the duty privileges, then other developed countries will follow suit, said MA Razzaque, research director of Policy Research Institute (PRI).
As a least developed country (LDC), Bangladesh currently enjoys duty-free access to the EU under the latter s Everything But Arms (EBA) initiative, with around 61 per cent of its yearly exports destined for the region.
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Bida beefs up its one-stop service
Star Business Report
Star Business Report
Availing an environment clearance certificate from now will take just a third of the time previously required, thanks to the One-Stop Service (OSS) portal of the Bangladesh Investment Development Authority (Bida).
Previously, it took investors some 150 days to get the nod from the Department of Environment.
Now, it will be available anywhere between a week and 45 working days for new or running industries based on the trade category and submission of required documents.
Applicants will be able to make payments online and witness in real time the application s progress with the service provider and get feedback on any official unmet requirement.