The national committee on export asked to address issues like introduction of export credit guarantee scheme, making the Export Development Fund (EDF) realistic and providing duty-free import of raw materials to meet post-graduation challenges.
It also called for incentivizing export sectors until 2026, and the same for manmade fibre (MMF), extending the time frame of customs bond and trade licence to five years, eliminating bottlenecks of HS code and opening commercial farming of vannamei variety shrimp.
The committee, headed by Prime Minister Sheikh Hasina, suggested examining key issues, including bonded-warehouse facility in all sectors, combination of at-source tax and income, establishing central bonded-warehouse facility for SME sector, and establishing cold-storage facility at airports.
Different state entities have been instructed to take measures to encourage pre-wastage and post-wastage activities, reducing import duty with a view to signing FTA/PTA, and making the duty-repatriation process smooth and trade-friendly.
Later last month, the 44-member national body sent the orders to the finance division, industries, textiles and jute, environment, forest and climate change, civil aviation and tourism, fisheries and livestock, and shipping ministries and the revenue board for steps.
The high-powered panel gave the instructions from the 11th meeting held on March 20 to devise necessary strategies to deal with challenges emerging after Bangladesh's graduation from LDC status.
It has already assigned commercial counsellors and first secretaries (commercial) of Bangladesh missions abroad to identify new export opportunities during and after the pandemic.
The government formed a high-profile committee under the chairmanship of the principal secretary of the Prime Minister's Office to guard against any possible external shock to export earnings after graduation.
A total of seven subcommittees have been formed under the committee to draft strategies with a time-bound action plan to meet the challenges of LDC graduation.
The government has set an export target of $67 billion in revenues from export of goods and services for the current FY23.
The panel on export comprises 11 ministers, principal secretary at the PMO, 16 senior officials and executives of different ministries, divisions, agencies and presidents of 16 trade bodies/associations.
