Russian President Vladimir Putin

Graduation to middle income country

After graduating to middle income country (MIC), Bangladesh will focus more on free trade agreement (FTA) with potential trading partner countries, said Commerce Minister Tofail Ahmed.

“Our next target after reaching to middle income country will be to sign free trade agreements, preferential trade agreements and regional trade agreements with potential trading partner countries,” commerce minister said during a meeting with the board of directors of Dhaka Chamber of Commerce and Industry (DCCI) led by its president Abul Kasem Khan

at the secretariat in the capital yesterday.

FTA with Sri Lanka will be finalised by the end of this year and government will start bilateral discussion with Turkey to do FTA with them also, he informed.

Upon graduation to MIC in line with the Vision 2021, Bangladesh will lose the EU GSP facility and will be eligible for GSP plus in the years to come. EU contributes 54.2 per cent to Bangladesh total export earnings.

United Nation's Economic and Social Council (ECOSOC) will declare Bangladesh as a developing country in March this year, said Tofail.

Bangladesh needs to take rigorous preparation to qualify for EU GSP plus facility by complying with core international standards in the areas of human rights, labour rights, environmental protection and good governance.

DCCI President Abul Kasem Khan said, government should form a high-powered monitoring cell headed by the commerce minister to monitor ease of doing business and cost of doing business.

Bangladesh managed to achieve 7.28 per cent GDP growth featured with US $250 billion GDP size despite Bangladesh is placed at the bottom, ranking 177 in the World Bank report ‘Doing Business 2018 Index’, he added.  

He said our private investment needs to be scaled-up to 29 per cent from current level of 23.1 per cent.

Abul Kasem Khan said Bangladesh needs at least US $15-18 billion per annum investment which is GDP’s 5 to 6 per cent only into infrastructure sector as infrastructure development is the precondition to attract FDI as well as local investment.

Bangladesh will require US $320 billion by the year 2030 for developing reliable, sustainable and affordable infrastructure.

He said new Export Policy 2018-21 should focus on product diversification, new market development and export growth. He also proposes for slashing corporate tax rate as well as individual tax rate as investors will get a boost by this initiative.

DCCI president also said the FTA between Bangladesh and Sri Lanka will be a ‘learning case’ to progress bilateral FTA with heavyweight trading partners next. He urged the government to fasten the process of FTA implementation with other countries.

He also requests to take initiative to integrate Bangladesh with the ASEAN as well as the Regional Comprehensive Economic Partnership (RCEP) which is formed with 16 members’ countries - existing 10 ASEAN members and China, India, Japan, South Korea, Australia and New Zealand.

EA

 

 

Russian President Vladimir Putin

Graduation to middle income country

After graduating to middle income country (MIC), Bangladesh will focus more on free trade agreement (FTA) with potential trading partner countries, said Commerce Minister Tofail Ahmed. Our next target after reaching to middle income country will be to sign free trade agreements, preferential trade agreements and regional trade agreements with potential trading partner countries, commerce minister said during a meeting with the board of directors of Dhaka Chamber of Commerce and Industry (DCCI) led by its president Abul Kasem Khan at the secretariat in the capital yesterday. FTA with Sri Lanka will be finalised by the end of this year and government will start bilateral discussion with Turkey to do FTA with them also, he informed. Upon graduation to MIC in line with the Vision 2021, Bangladesh will lose the EU GSP facility and will be eligible for GSP plus in the years to come. EU contributes 54.2 per cent to Bangladesh total export earnings. United Nations Economic and Social Council (ECOSOC) will declare Bangladesh as a developing country in March this year, said Tofail. Bangladesh needs to take rigorous preparation to qualify for EU GSP plus facility by complying with core international standards in the areas of human rights, labour rights, environmental protection and good governance. DCCI President Abul Kasem Khan said, government should form a high-powered monitoring cell headed by the commerce minister to monitor ease of doing business and cost of doing business. Bangladesh managed to achieve 7.28 per cent GDP growth featured with US $250 billion GDP size despite Bangladesh is placed at the bottom, ranking 177 in the World Bank report Doing Business 2018 Index, he added. He said our private investment needs to be scaled-up to 29 per cent from current level of 23.1 per cent. Abul Kasem Khan said Bangladesh needs at least US $15-18 billion per annum investment which is GDPs 5 to 6 per cent only into infrastructure sector as infrastructure development is the precondition to attract FDI as well as local investment. Bangladesh will require US $320 billion by the year 2030 for developing reliable, sustainable and affordable infrastructure. He said new Export Policy 2018-21 should focus on product diversification, new market development and export growth. He also proposes for slashing corporate tax rate as well as individual tax rate as investors will get a boost by this initiative. DCCI president also said the FTA between Bangladesh and Sri Lanka will be a learning case to progress bilateral FTA with heavyweight trading partners next. He urged the government to fasten the process of FTA implementation with other countries. He also requests to take initiative to integrate Bangladesh with the ASEAN as well as the Regional Comprehensive Economic Partnership (RCEP) which is formed with 16 members countries - existing 10 ASEAN members and China, India, Japan, South Korea, Australia and New Zealand. EA