Local manufacturing industries will also enjoy duty-free facility through the bonded-warehouse window under new import policy the government issued Monday to ease controls on the trade.
The duty-free import facility under the bonded-warehouse mechanism used to be enjoyed by export industries, especially in the export-processing zones.
Local industries can now import raw materials against partial export order through 100-percent bank guarantee.
The Import Policy Order 2021-24, effective from Sunday, also allows import of cruise ship through lifting bars.
Import of motorcycle up to 5000 CC also gets the go-ahead.
The Ministry of Commerce (MoC) issued the order through gazette notification under the Imports and Exports (control) Act 1950. It would be valid until June 30, 2024.
The newly issued policy eases regulatory authority of the commerce ministry (MoC) on office of the Chief Controller of Import Export to expedite clearance process of export-import documents.
Government authorities hope the latest import-policy order would facilitate local industries to manufacture products in a simplified way.
Currently, local manufacturing industries are required to obtain drawback of the paid duty taxes against the partial import, which pressurized their capital.
"In order to encourage local manufacturing industries to go for exporting their products alongside domestic supply, the customs authority would release the imported raw materials and other inputs against 100-per cent bank guarantee on the basis of Utilization Declaration and Utilization Permission," the policy reads.
Bangladesh Trade and Tariff Commission (BTTC) would determine value addition to the export products manufactured through the duty-free raw materials.
Export Promotion Bureau (EPB) or relevant authority on the product would fix entitlement of the raw materials through issuing notification, it adds.
Talking to the FE, Director-General of the Directorate of National Consumers Rights Protection, AHM Shafiquzzaman said the new policy order simplified the trade process to ease import as it is also related to export of goods too.
Mr Shafiquzzaman, who was on the drafting committee of the new policy, said the policy had been drafted after series of consultations with the stakeholders for four and a half years.
"Many of the import procedures have been decentralized in the new policy, giving authority to the CCI&E," he adds.
He says the new policy is focused on the upcoming challenges after Bangladesh's LDC graduation so as to help the country prepare for navigating the headwinds.
Easing global trade has been prioritized. Protection to local bitumen- industry investors is also incorporated into the policy. There were some overlapping provisions between export and import policies that the new import policy defined separately, he notes about the policy upgrading.
Chief Controller of Imports and Exports (CCI&E) Md Masudul Mannan said the office would have to go by the new import policy from now on.
The fees schedule for import has been excluded from the new policy and the CCI&E would now issue it through circulars, he added.
He, however, said the CCI&E has yet to analyze the new policy in detail, but, so far he noticed, there is simplification of procedures on import by easing regulatory authority of MoC.
When contacted, policy analysis of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said they had yet to analyze the new policy to make comment on this.
