The government will reimpose 28 per cent import duty on rice in place of the existing 2.0 per cent to ensure that farmers get fair prices for the staple they produce.
The new duty will come into effect this month, Commerce Minister Tofail Ahmed told reporters on Monday.
He was talking with reporters after an exchange of views meeting with European Union (EU) Ambassador in Dhaka Rensje Teerink at the Secretariat.
"We have decided to raise the import duty on rice," Tofail Ahmed said.
"Earlier, the duty was 28 per cent, but the government slashed it to 2.0 per cent when there was a shortage of food in the country." said the minister.
"Now the country has witnessed a record and bumper production of rice. So, the previous duty structure would be in place," he added.
The new duty structure will be implemented through the next fiscal year's budget. The government might reduce the duty again, if needed, he said.
The minister thinks that this step will have no negative impacts in the country.
"We have to protect the interests of the country's farmers. If they do not get fair price of their produce, they will be discouraged from growing rice," he said.
Last year, two consecutive floods had affected the production of rice badly, causing a deficit of an estimated 1.0 million tonnes.
Against this backdrop, the government gradually slashed the import duty to 2.0 per cent.
At the meeting between the EU ambassador and the commerce minister, they discussed the issue of an upcoming meeting on 'Sustainability Compact' involving the safety standards and labour rights in the country's Ready-Made Garment (RMG) sector.
The 'Sustainability Compact' is an initiative for improving safety standards and ensuring labour rights in the country's RMG sector.
A Bangladesh delegation will attend the review meeting on 'Sustainability Compact' to be held in Brussels on June 25.
The meeting is very important for Bangladesh, according to the commerce ministry.
The government along with its stakeholders has met all conditions of the Sustainability Compact, said the minister.
The labour-related policy has been praised in the conference of the International Labour Organisation (ILO), he added.
Presently, there is no labour unrest in the country and the working condition in the factories is good, Tofail said.
He also said the government has taken steps to raise salary and allowances of the workers and related labour law has been amended.
The number of risky factory buildings is less than 2.0 per cent in the country, he added.
