Streamlining tariffs to tackle post-PMA challenges: DCCI

The government should rationalize the existing tariff structure as Bangladesh will face some challenges in case of providing post-graduation grants to a developing country, said Rizwan Rahman, president of the Chamber of Commerce and Industry of Bangladesh. Dhaka (DCCI).

He spoke at a workshop on “Competitive Tariff Structure: Post-Graduation Context for LDCs” organized today by the Dhaka Chamber at its office in the capital.

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After LDC withdrawal, Bangladesh will have to pay tariffs of 8 to 16 percent to export destination countries, he said.

“Furthermore, we will not be able to impose any additional and regulatory obligations to protect local industries, which is going to be a challenge.”

Currently, the average tariff structure in Bangladesh is about 13.5 percent, which is higher than that of Vietnam, Taiwan and Malaysia, Rahman said.

“We need to prepare in terms of improving productivity, minimizing costs, developing industrial skills, ease of doing business and cost of doing business.”

Md Mashiul Alam, Co-Head of Bangladesh Tariff Commission delivered a keynote speech at the event.

“Bangladesh is a resilient country. Last year, our exports amounted to $50 billion. Even after LDC graduation, Bangladesh has the capacity to meet the challenges.”

But from now on, Bangladesh must opt ​​for regional integration for preferential trade agreement, free trade agreement and comprehensive economic partnership agreement with potential trading partners to hold market access, Alam said. .

“It is true that our tariff line is not very competitive and is higher than that of many other countries. Therefore, we have no alternative but to rationalize it.”

In this case, a sectoral tariff policy of at least five years will be helpful to Bangladeshi exporters and importers, he added.

Shis Haider Chowdhury, a member of the Bangladesh Trade and Tariff Commission, also spoke.

Farhana Iris, co-secretary of the WTO Unit at the Ministry of Trade; Md Neyamul Islam, First Secretary for Customs Exemption and Project Facilities at the National Revenue Board, and Arman Haque, Senior Vice President of DCCI, also attended the event.

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