Government is going to formulate new import policy keeping the provisions of bonded facilities in exporting raw materials for industries. Though import policy order 2015-18 has already expired the Commerce Ministry is yet to frame new import policy for 2018-21 period.
A meeting to formulate new import policy was placed in the Economic Committee of the cabinet on Wednesday(May 29). In the meeting chaired by the alternate president of the committee Agriculture Minister Abdur Razzaq heard the opinions of various organizations.
After the meeting the Additional secretary of the cabinet division Nasima Khatun said that a bank representative in his opinion said that in import there is no need of Letter of Credit (LC)form. At a time when the foreign remittance and the foreign reserve fell the matter of LC was connected. But as now the foreign reserve has increased so the provision of LC is not necessary. As the reserve was less for security reason the restriction of LC was needed. Hearing the proposal the committee gave verbal approval, it will be connected with import policy after the Bangladesh Bank(BB) informed it in writing.
A source of BB told that LC is required in foreign trade. When the reserve falls, even then LC is opened. While opening of LC is a cumbersome process. The intender is to fill several complex forms leading to serious hassles for the businessmen. It is a barrier to ‘doing business’. Now the reserve is good. So it is better to avoid the complexities of filling forms.
Besides in the meeting it was informed that the production of salt in the country is now sufficient. But under import policy Sodium sulphate or Caustic Soda chemicals are brought instead of Sodium Chloride. This Sodium sulphate or Caustic soda is supplied in the market at a lesser rate affecting the local production of salt. By taking sodium sulphate instead of sodium chloride people suffer from various diseases. In the new import policy there will be strict restriction on sodium sulphate and caustic soda, the cabinet committee gave directives.
The import policy has been finalized according to the demand of coordinated way expanding the business in line with the open market economy. In the new policy initiatives were taken to export more goods. Simultaneously measures were taken to protect the local industry.
In a newer way the bonded facilities will be provided to plastic goods, medicine and tannery products. At present the garments goods are only given bonded facilities. The protection of local industry is being given along with importing export oriented raw materials. In imported goods there must be a sticker of the name of country of origin. At the time of releasing goods the importer must submit the certificate of the country of origin to the customs authority.
A Commerce Ministry source said that there will be LC but no form filling.
The import policy is renewed after every three years. The import policy is formulated considering some factors of the country’s commercial and need of goods conditions. The last import policy expired on last June 30 of 2018. The new import policy of 2018-21 after its approval in the cabinet committee will be sent to Law Ministry for vetting. Next the Prime Minister will give approval while then the Commerce Ministry will implement it.