Commerce Adviser Sk Bashir Uddin today said that the government is implementing comprehensive reforms to trade policies and commercial laws to foster a more liberalized, inclusive, and justice-based economic environment.
The government is currently finalizing changes to the Import Policy Order (IPO) aimed at simplifying trade operations, he said.
“These reforms focus on easing transaction instruments and aligning conformity assessment requirements with international standards to which Bangladesh is a signatory. These amendments are expected to be presented to the Cabinet for approval very shortly, possibly in the upcoming session,” the adviser said this while talking with reporters at Bangladesh Secretariat in the city.
In his speech, Bashir said that to make the legal framework more time-befitting for future economic challenges, several key pieces of legislation are undergoing amendments including the Company Act, the Consumer Rights Protection Act and the Control of Essential Commodities Act (Competition Act).
The adviser emphasized that the ministry, along with its various wings, is working collectively to bring about structural, procedural, and cultural changes in the trade sector.
On the international front, he highlighted significant progress in trade negotiations.
Addressing trade relations with India, Bashir stated that daily bilateral incidents generally do not impact broader trade dynamics.
“While Indian port closures earlier last year (around May) led to a decrease in Bangladeshi exports, the government has refrained from taking counter-measures,” he added.
The adviser clarified that specific domestic policies, such as restrictions on jute exports, are designed solely to meet internal demand and maintain local supply, rather than to target any specific trading partner.
Bangladesh remains committed to liberal trade globally unless a particular trade situation is deemed harmful to the national economy, he added.
In anticipation of the upcoming month of Ramadan, the adviser announced that a stakeholder meeting is scheduled for January 19.
This meeting will involve a thorough review of the current stock and import status of essential commodities to ensure market stability and address potential price hikes, he added.
