Bangladesh needs 2nd phase of trade policy reforms: PRI

"The first phase of trade policy reforms is now over. It is a national imperative to launch the second phase of trade policy reforms because LDC [least developed country] graduation will take place in 2026," he said.

"Too frequently, while talking about services exports, we refer only to non-factor services, such as ICT [information and communication technology], shipping, insurance, banking, tourism, education, etc. It is high time to recognise the major development and poverty reduction role of remittances, which constitute export of factor services for Bangladesh," said Sattar at a webinar titled ‘Boosting Bangladesh's Trade Competitiveness’.

If the last fiscal’s remittance earnings of $24.7 billion are included as the exports of factor services, the country's total exports would amount to $69.6 billion, of which $38.8 billion are from goods and $6.1 billion from non-factor services, the senior economist pointed out, calling for modernisation of tariff regime to strengthen competitiveness in future.

Digital technologies, climate-related reforms as well as flexible thinking on regional cooperation, foreign direct investment and free trade agreements will help boost competitiveness, he was quoted as saying by Bangla media reports.

ALCHEMPro News Desk (DS)