The goal of the policy is to export items valued at US $110 billion in FY ’27.
The approval resulted from the eighth CCEA meeting of the year, which was chaired by Finance Minister Abul Hassan Mahmood Ali and took place today in the Bangladesh Secretariat’s Cabinet Division conference room.
Following the meeting, Md. Mahmudul Hossain Khan, the Cabinet Division Secretary (Coordination and Reforms), informed the media and announced that two recommendations had been adopted overall throughout the day’s events. He said that the meeting that day adopted the Export Policy 2024–2027 based on a request from the Ministry of Commerce because the previous Export Policy expired in 2023.
According to Mahmudul, the new export policy has been developed with the difficulties associated with LDC graduation in mind. It prioritizes certain industries and products according on their potential and aims to strengthen Bangladesh’s international branding efforts.
According to the secretary, the next export policy will focus on a number of important issues, such as addressing the difficulties associated with LDC graduation, the effects of COVID-19 and the Russia-Ukraine War, long-term strategic planning, the fourth industrial revolution, supporting micro, small, and medium-sized businesses, and setting an export goal of US $110 billion for the final year of the policy, 2027.
implementing policies that will encourage small and female entrepreneurs to increase their exports; these include adopting an eco-friendly and circular economy, increasing the number of women entrepreneurs in export-oriented sectors; identifying vegetables and handicrafts as potential priority exportable items; developing the manufacturing, sipping, dyeing, printing, and finishing industries as special development sectors; identifying pharmaceuticals and medical equipment as potential items in the policy alongside handicrafts; and identifying alternative means of providing exporters with incentives while adhering to WTO rules and regulations.
Mahmudul said that the CCEA meeting that day also approved the Ministry of Commerce’s proposal to provide the state-run Trading Corporation of Bangladesh one more year, until June 30, 2025, to buy necessities locally or through imports. The initial deadline of May 26, 2024 was established.
He disclosed that one crore low-income households benefit from the ability to purchase necessities at discounted prices from the TCB. A request to permit TCB to purchase such necessary things by another year for state standards was approved during the day’s meeting.
