Bangladesh to make approval mandatory for trading in goods, services

03 Apr '24

2 min read

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Insights

The cabinet has approved the draft of the new law titled 'Import and Export Control Act 2024'.
The government will have the authority to regulate or prohibit import or export of any goods or services under the new law.
New law will also take into account financial institutions funded by foreign investors, as per cabinet secretary Mahbub Hossain.

Bangladesh is all set to formulate a new law, as per which, to import or export any type of goods or services now onwards, prior government permission will be mandatory.

The draft of the ‘Import and Export Act, 2024,’ has reportedly been approved in principle by the cabinet in a recent meeting chaired by Prime Minister Sheikh Hasina.

Interacting with the media after the meeting, cabinet secretary Mahbub Hossain underlined the new law has been drafted to make the existing laws more relevant to contemporary needs even as he added the Import and Export Control and Prohibition Act of 1950 is in effect currently.

“Commercial ‘service’ activities are also included in the draft,” said Hossain while underlining the existing law deals with import-export of goods only even if the new law incorporates additional aspects.

The definition of services includes any service as described in the General Agreement on Trade in Services under the WTO.

The government will have the authority to regulate or prohibit import or export of any goods or services under the new law, as per the cabinet secretary, who added it will also take into account the financial institutions funded by the foreign investors while remittances will also be considered as export earnings under the new law.

Fibre2Fashion News Desk (DR)

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