September 28, 2022, 2:49 am

Staff Correspondent

2021-06-15 05:46:49 BdST

Tariff policy being formulated for boosting trade

The government is going to enact a 'tariff policy' to reform the country's tariff structure with an eye to boosting both domestic and foreign trade.

The draft would be tabled at cabinet division by this year, Bangladesh Trade and Tariff Commission (BTTC) member Shah Md Abu Raihan Alberuni said.

He was addressing a 'Public Hearing on BTTC's Service Simplification, Development and Creating Easy Accessibility for the Stakeholders' at BTTC head office on Monday.

Mr Alberuni said a committee, led by BTTC officials, has been working on the policy and its draft is at the final stage.

It may be delivered to the government by this year.

He said the policy is required after the enactment of the 'Tariff Commission Law-2020' in parliament.

The policy would bring logical reformation in the tariff structure to make trade more dynamic, he added.

Mr Alberuni further said that the BTTC's service would further be simplified and made easy for stakeholders.

BTTC (ICD-1) joint chief Monjur Morshed Chowdhury moderated the event while industries ministry deputy secretary Saiful Islam and Bangladesh Competition Commission deputy director Sarwat Mehjabin, among others, also spoke.

BTTC deputy chief Md Moshiul Alam presented a paper on the evolution and key duties of the commission.

According to the paper, the commission was established in 1973 as a government office through a resolution.

In November 1992, it was established as a statutory body through the Bangladesh Tariff Commission Act-1992.

In January 2020, it was renamed as BTTC after enactment of the Bangladesh Tariff Commission Act-2020 to strengthen it further and expand its activities.

The BTTC's key activities are protecting genuine interests of local industries and promoting competition in the production of industrial products.

It has also been tasked with ensuring the efficient use of industrial resources and development of export of domestic products.

The commission is also working to improve the use of domestic industrial resources at home and abroad by means of bilateral, regional and multilateral deals.

The BTTC has also been working to prevent unfair trade to safeguard genuine interests of domestic industries.

Mr Alam said the commission is now working with 22 daily essential items to help both consumers, businesses and farmers.

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