Updated on : 08-11-2018

The cabinet approved the draft of the ‘Export Policy 2018-21’ with a view to infusing dynamism into export operations, enhance competitiveness in trade and commerce and thus strengthen the position of Bangladesh in the competitive world.

The approval was given at the weekly meeting of the cabinet held at the Prime Minister’s Office on Tuesday with Prime Minister Sheikh Hasina in the chair, reports BSS.

Briefing the reporters after the meeting at Bangladesh Secretariat on Wednesday, Cabinet Secretary Mohammad Shafiul Alam said that the new export policy has been framed by updating the existing export policy of 2015-18.

He said that a separate and a new chapter on definitions has been incorporated in the new export policy by integrating the existing definitions in various chapters while new definitions like sample, aromatic rice and indirect export have been included.

Besides, Alam informed that three new sectors like Denim, Active Pharmaceutical Ingredients (API) and Re-agent (shoes made from leather, non-leather and synthetic) have been added to the highest priority receiving sectors raising the total number of such sectors to 15.

The cabinet secretary said that five new products like light engineering products (motor cycle, battery), photovoltaic module (solar energy), cashew nuts (raw and processed), live and processed crabs and toys have been added to the special development-oriented sectors. Besides, byproduct from the wet-blue leather like wet-blue split leather has been declared as an exportable item.

He said that the new export policy also keeps a provision for lowering the value added tax (VAT) on providing stimulus to export at 30 percent from the existing 40 percent.

The day’s cabinet meeting also approved in principle the draft of the ‘Bangladesh Sugarcrop Research Institute Act, 2018’ updating the existing law of 1996.

Alam said earlier sugar was used to produce from sugarcane, but now, sugar is being produced from various other sugar crops. He said under the proposed law, sugar crop would be known as sugarcane, sugar beet, dates, stevia, palm and other sweet crops.

The draft law also reorganized the management of its Board with the Director General as the head of the institute while the board will meet three times in a year.

The cabinet meeting also gave nod to the draft of the ‘Bangladesh Road Transport Corporation Act, 2018’ updating the law of 1961.

(Courtesy: Dhaka Tribune)