The government has taken an initiative to devise a strategy to cushion possible external shocks to the country's export trade, officials said.
While working out the strategy, they said, the government would consider the aftermath of the country's graduation from a least developed country (LDC) and the Covid-19 impacts.
The commerce ministry has already started preparing an Export Development Strategy (EDS) so that the country can absorb the shocks caused by the pandemic.
The EDS would also aim to retain the duty-free market access and other trade facilities even after the country's graduation to a developing country, they added.
"We are now working on the issue. A process is underway to frame the strategy, which is now at its initial stage," a senior official of the commerce ministry told the FE.
A time-bound implementation plan will be taken for the proposed EDS, he added,
Considering the graduation from LDC and the Covid-19 pandemic, necessary measures will also be included in the EDS to guard against any possible external shock to the export earnings.
A number of sectors, including non-traditional ones, would get priority in the proposed plan.
A senior official of the ministry said that the EDS is expected to duly address the key barriers to expansion of outbound shipments, with particular focus on export diversification, sector-wise competitiveness, economic recovery from Covid-19, LDC graduation and other priorities set out in the 8th five-year plan.
The officials stressed the need for preparing the strategy to address the challenges when Bangladesh would graduate to the next level and said the process will help boost exports significantly.
"We need to take an initiative to reap all the benefits after graduation," said an official having knowledge of the issue.
He said that many developed countries would not provide duty-free facility to Bangladesh after its graduation from LDC in 2026.
The commerce ministry was taking steps to put in place adequate measures for expanding the volume of exports after graduation and the post-Covid period, said a high official, who is also dealing with the issue.
The ministry has already taken measures to increase the country's export earnings. It has taken initiatives to sign agreements, including FTAs/PTAs, with a number of countries, he mentioned.
The government is also working to explore new business opportunities in the wake of the Covid-19 pandemic across the globe.
It has already assigned commercial counsellors and first secretaries (commercial) of Bangladesh missions abroad to identify new export opportunities during and after the pandemic.
The government has set an export target of $48 billion for fiscal year 2020-21.
