The Dhaka Chamber of Commerce and Industry (DCCI) has urged the government to liberalise letter-of-credit (LC) opening to procure industrial inputs for smooth operation of the domestic industrial sector.
It also called for crafting a transition strategy for smooth graduation of the country's least-developed country (LDC) status.
The newly elected DCCI board of directors, including president Md Sameer Sattar, made the suggestions during a courtesy call on commerce minister Tipu Munshi at his secretariat office on Monday.
The meeting discussed a raft of issues, including export diversification, post-graduation readiness and preparedness, EU's GSP plus, strengthening Bangladesh-India trade cooperation, liberalising LC opening for commodities and industrial inputs.
The issues of WTO trade facilitation agreement and Bangladesh, and reforms of one-person company were also raised there.
Mr Tipu said Bangladesh is self-sufficient in food and agricultural output. Even the prime minister has requested not to leave an inch of land without cultivation.
He called upon the business community to invest more in agro-processing industries.
Regarding LDC preparation, the minister said, "After graduation, we'll focus on signing PTAs and FTAs with potential partners."
Mr Sattar stressed forming a transition strategy like quick implementation, required policy reforms, local industrial preparedness with the participation of the private sector to address the issues of post-LDC era.
He said Bangladesh needs to sign FTA with more potential countries to offset the loss of preferential market access to the development of export market.
Export market competitiveness through improving doing business context of Bangladesh.
The new DCCI chief suggested reviewing and addressing the trade and strategic cost-benefit analysis of the likely FTAs like Turkey, China, Malaysia, Thailand, Brazil and shortlist potential countries for FTA.
He laid emphasis on liberalising the LC opening to support smooth industrial operation in the country.
"We need competitive and open tariff to compete in the international market. The proposed tariff policy needs to be finalised considering our industrial situation."
According to Mr Sattar, the country should have necessary preparations to make local businesses competitive without duty-free and quota-free facility.
He suggested negotiating with the WTO for sustaining some international support measures until 2029 as Bangladesh has been hit hard by economic downturn like other graduating LDCs.
Senior vice-president SM Golam Faruk Alamgir (Arman), vice-president Md Junaed Ibna Ali and members of DCCI board were also present during the meeting.
