Hasina’s initiative to exit trade policy
The interim government led by Dr. Muhammad Yunus has taken the initiative to come out of Sheikh Hasina’s one-eyed trade policy. Imports from other countries have been opened up by reducing dependence on India. Restrictions on imports imposed for a long time have been relaxed. Experts from news sources believe that Bangladesh has been deprived of real trade benefits due to the excessive pro-India and anti-Pakistan policies of the ousted Awami League government in the last 16 years. After the change of power, efforts are being made to rebuild relations with Pakistan and increase trade.
It is known that after the Awami League government came to power in 2009, a ban was imposed on the import of most Pakistani products. The National Board of Revenue (NBR) had ‘red-listed’ most of the products imported from the country on security grounds. After the fall of the government in August 2024, the NBR removed the import barriers by ‘red-listing’ Pakistani products on September 29. According to traders, there is a demand for Pakistani cotton, yarn and fabrics for the manufacturing sector in Bangladesh. At the same time, the country’s opportunities for importing baby food, juice, cutlery and surgical equipment are also increasing.
Pakistani High Commissioner in Dhaka Syed Ahmed Maruf has discussed this issue with government officials including the Finance Advisor of Bangladesh. In all the meetings, he expressed interest in increasing trade with Bangladesh. In addition,
A Pakistani business delegation has visited Bangladesh and a memorandum of understanding has been signed between FBCCI and FPCCI. According to the latest data, Bangladesh exported goods worth $61.9 million to Pakistan in the fiscal year 2023-24, while goods worth $627.8 million were imported from Pakistan. This means that Bangladesh is lagging behind in bilateral trade with Pakistan.
Several initiatives have been taken in the last six months to facilitate bilateral trade during the tenure of the current interim government. The interim government has taken the initiative to allow cargo ships to arrive directly from Pakistan at the Chittagong port. Pakistan has simplified the visa process for Bangladeshis and discussions are underway to establish direct air connections.
To increase Bangladesh’s food reserves, it has been decided to import 50,000 tonnes of Atap rice from the Trading Corporation of Pakistan (TCP). For this, Bangladesh will have to spend $25 million. The agreement was discussed through virtual meetings between the relevant officials of the two countries in December 2024 and January 2025. After the review, the decision to import rice from Pakistan was finalized. According to the agreement, Pakistan has agreed to supply rice within 60 days of opening the letter of credit.
The report of the Market Price Verification Committee of the Food Department shows that the pre-duty price of Atap rice imported from Pakistan is $499 per ton, which is lower than the previous potential market price. The decision to import rice from Pakistan has been taken to ensure emergency food reserves and reduce import dependence from a single source. In addition, there are plans to increase the supply of rice in the market through food-friendly programs and OMS (Open Market Sale) activities.
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