The Bangladesh government has formulated the maiden National Tariff Policy 2023 that offers a consistent tariff framework that removes anti-export biases while encouraging more domestic and foreign investments. The WTO Wing of the Commerce Ministry published a gazette notification of the policy recently.
The objective is to enhance the competitiveness of domestically manufactured goods in the global market. The policy will concentrate on expanding and diversifying exports by mitigating anti-export biases. Besides, it will abolish minimum import values in line with the regulations of the World Trade Organization.
The gazette said that the existing bond facilities will be made more transparent and simpler for export-oriented industries. The policy’s scope extends to bolstering Bangladesh’s participation in both global and regional value chains.
Tariffs imposed at the import and export levels are to be considered as regulators of the international trade flow of Bangladesh, it said. The policy said import-level duties and taxes should be aligned with the bound rate of Bangladesh committed to the World Trade Organization.
