The country has offered two packages of concessionary duty benefits for the D8 and some OIC countries to enable trade with the blocs.
After the South Asian Free Trade Area (Safta) packages, Bangladesh has offered such preferential duty-packages for the first time to import around 830 products from those countries.
Under the Safta, which came into force in 2006, around 5,300 products enjoy duty benefits on import within the region.
The Ministry of Commerce officials said the SAFTA benefit played a significant role in boosting Indo-Bangla trade.
The National Board of Revenue (NBR) issued lists of two concessionary duty packages through separate Statutory Regulatory Orders (SROs), effective from July 20.
As per the SRO, signed by NBR Chairman Abu Hena Md Rahmatul Muneem, the D8 countries would enjoy concessionary duty benefits on export of 356 products.
Besides, the TPS-OIC ratified member countries would enjoy concessionary duty benefits in exporting some 478 products.
A trade preferential system among the Member States of the OIC (TPS-OIC) was signed to foster intra-OIC trade.
NBR issued the gazette following a recent consensus of the D8 members to implement a preferential trade agreement (PTA) by next year.
The PTA of the D8 countries came into effect on August 25, 2011, but it is yet to be executed.
The D8, made up of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkiye, was formed to work for development cooperation.
The TPS-OIC participating states, including Cameroon, Egypt, Jordan, Malaysia, Pakistan, Syria, Tunisia, Turkiye and the UAE, would be entitled for the concessionary duty benefit.
A senior customs official said the baseline of the tariff adjustment for the OIC and the D8 countries was set in the period when negotiation had started.
As per the SRO, import duty has been lowered for the OIC countries from 22.50% to up to 5%.
For the D8 countries, import duty rate has been slashed by 5%.
Besides, base-year for the D8 concessional duty-benefit has been set 2007-08, while it has been set 2003-04 for the OIC countries.
The Customs Wing formulated the concession list.
Under the agreement, Bangladesh signed the Protocol on the Preferential Tariff Scheme for TPS-OIC (PRETAS).
The country also sent an approved concession list of products as per rules of origin (RoO) of the TPS-OIC.
The member countries would enjoy the concessionary duty benefit for the products produced and processed in their countries.
However, the customs department has tagged some conditions as per RoO to avail the benefit.
Importers have to apply in the prescribed formats of customs for certificate of origin, verification and declaration of goods - for availing the concessionary duty benefit.
