Dhaka: In response to the massive decline in rice production due to the recent floods, the Bangladesh Trade and Tariff Commission has recommended the withdrawal of the current import duty on rice to keep supply and prices stable in the local market.
The commission's report said that if the import duty is completely waived, it will be possible to prevent the increase in rice prices and imports from international markets like Thailand and India will be encouraged where the price per kg without duty will be 66 taka and 54 taka respectively.
The report also said that the floods will have a potential negative impact on the upcoming production season.
According to the Department of Agricultural Extension, two rounds of floods have disrupted the production of 8 lakh 39 thousand tonnes of rice from August 16 to October 15.
Although the government recently reduced the import duty from 62.5 percent to 25 percent, importers are discouraged by the high duty. is limiting the supply of rice and affecting the purchasing power of consumers.