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Bangladesh to review the effectiveness of existing export subsidies for developments

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Bangladesh economy is to move forward. Alternative policy benefits will be looked at considering the Bangladesh probable graduation from a least developed country to a developing one. The effectiveness of the existing export subsidies will be enhanced. Future export subsidies will be in line with World Trade Organisation rules and international best practices. Products under 37 categories will get cash incentives ranging from two per cent to 20 per cent in the current fiscal year.

Subsidies are given in various forms, mainly in cash incentives and duty and tax benefits, to exporters to promote diversification of export products and keep the country’s exports competitive in the international market. Almost all the export products including readymade garments, textiles, electronics, leather goods, jute, handicrafts and pharmaceuticals get cash incentives. Export-oriented industries, mainly the apparel sector, also get the bonded warehouse facility while others get duty drawback facilities. Cash incentives are usually given based on applications from the export-oriented sector. Currently, four sectors of readymade garments receive export incentives at four per cent.

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