Written by The Banking Post
The government is moving ahead with wide-ranging reforms to trade policies and commercial laws to create a more liberalised, inclusive and rules-based economic environment, Commerce Adviser Sk Bashir Uddin said on Sunday.
Speaking to reporters at the Bangladesh Secretariat, he said changes to the Import Policy Order (IPO) are now at the final stage, with the aim of simplifying trade operations and easing compliance for businesses. The amendments focus on streamlining transaction instruments and aligning conformity assessment requirements with international standards to which Bangladesh is a signatory. The revised policy is expected to be placed before the Cabinet for approval shortly.
Beyond the import regime, the adviser said several key laws are being updated to make the legal framework more responsive to future economic challenges. Amendments are under way to the Companies Act, the Consumer Rights Protection Act and the Control of Essential Commodities Act, also referred to as the competition framework.
He said the commerce ministry and its wings are working together to introduce structural, procedural and cultural changes across the trade sector, alongside progress in international trade negotiations.
On relations with India, Bashir said routine bilateral developments generally do not affect overall trade flows. He acknowledged that the closure of some Indian ports in May had reduced Bangladeshi exports, but stressed that the government chose not to take retaliatory measures.
He also clarified that domestic measures such as restrictions on jute exports are intended solely to ensure adequate local supply and meet internal demand, not to target any trading partner. Bangladesh, he said, remains committed to liberal global trade unless a situation is deemed harmful to the national economy.
Looking ahead to Ramadan, the adviser said a stakeholder meeting will be held on January 19 to review the stock position and import status of essential commodities. The goal, he said, is to maintain market stability and prevent potential price hikes during the peak demand period.
