Bangladesh to make approval mandatory for trading in goods, services
03 Apr 24 2 min read
Insights
- The cabinet has approved the draft of the new law titled 'Import and Export Control Act 2024'.
- The government will have the authority to regulate or prohibit import or export of any goods or services under the new law.
- New law will also take into account financial institutions funded by foreign investors, as per cabinet secretary Mahbub Hossain.
The draft of the ‘Import and Export Act, 2024,’ has reportedly been approved in principle by the cabinet in a recent meeting chaired by Prime Minister Sheikh Hasina.
Interacting with the media after the meeting, cabinet secretary Mahbub Hossain underlined the new law has been drafted to make the existing laws more relevant to contemporary needs even as he added the Import and Export Control and Prohibition Act of 1950 is in effect currently.
“Commercial ‘service’ activities are also included in the draft,” said Hossain while underlining the existing law deals with import-export of goods only even if the new law incorporates additional aspects.
- Bangladesh receives $3.004 bn in FDI in 2023, a decrease of 14% YoY
- April import LC openings in Bangladesh down 7% MoM, up 20% YoY
- Bangladesh’s forex reserves to steady within months, Moody's predicts
- Fitch Ratings downgrades Bangladesh to B+; outlook stable
- Ex-Bangladesh Bank head backs continuing cash incentive for exports
- Bangladesh RMG sector calls for tax relief, incentives in FY25 budget
The definition of services includes any service as described in the General Agreement on Trade in Services under the WTO.
The government will have the authority to regulate or prohibit import or export of any goods or services under the new law, as per the cabinet secretary, who added it will also take into account the financial institutions funded by the foreign investors while remittances will also be considered as export earnings under the new law.
Fibre2Fashion News Desk (DR)
Popular News
|
PC, polyester & viscose yarn prices rise in India; demand on the rise |
|
US retailer Ross Stores posts net earnings of $488 mn in Q1 |
|
IFC launches Dutch-backed textile sector project in Jordan |
|
PVH signs agreement for Cambodian garment workers |
|
Demand rises in south India’s cotton yarn market, prices up in Mumbai |
|
Global recovery may have propelled India’s FY24 GDP growth to 8%: SBI |