Advanced export-import trade services imminent

Advanced export-import trade services feature a new law in the making to give an impetus to trade and commerce of Bangladesh in the context of changing global economic paradigm.

Sources have said the government is making the new law befitting current needs, including that of expanding services sector, replacing an outmoded law dating back the country's pre-independence period.

To this effect, commerce ministry has already prepared a draft of 'The Import and Export Act 2024' that includes services sector and one-person company as business entity anew.

Currently, the Import and Export (Control) Act 1950 is in force. After 74 years, the government has made the move to make the act time-befitting. The new law will not contain the word "Control" that is included in the existing law.

The Office of the Chief Controller of Imports and Exports (CCIE) has already prepared the draft of the new law and sent to the commerce ministry. The ministry has uploaded the draft on its website, seeking opinion by December 07 next.

A commerce ministry source has said, "The new law is being made to control or prohibit the import or export of any goods and services detrimental to foreign trade expansion, development and special areas."

He expects that all types of traders and businesspeople, including importers and exporters, will get better services after the passage of this act.

According to the draft, the new law has been prepared to control or ban import or export of any goods and services that stand in the way of achieving economic prosperity, development and protection of domestic industry, protection of public health and environment, development of foreign trade and in particular areas for the purpose of building a smart Bangladesh.

According to sources, the commerce ministry had sent the draft law to the Cabinet Division for passage within the current calendar year. But the division has returned the law as there is no scope for parliament session during the current term of the government. "So, there is no option to pass the law in the current year."

The commerce ministry will sit for consultation after receiving the opinions on the proposed law. The proposed law will be sent to the law ministry and necessary initiative will be taken for finalising during tenure of the next government after the January-7 polls.

When the existing Import and Export (Control) Act 1950 was enacted, it only dealt with import and export of goods. Therefore, the new law incorporates the country's services sector. The existing law was amended once in 1962 and again in 1975 during the Bangladesh period.

Apart from the move, the work of CCIE has been modernised through the issuance of notifications from time to time, but this is the first time that the legislative initiative has been taken.

Currently, Import Registration Certificate (IRC) and export registration (ERC) are required from CCIE to import and export goods respectively. In both services, there are several conditions, which importers and exporters have to comply with.

Breaching any provision is punishable with imprisonment of up to one year or fines or both under the existing law. The draft new law proposes to keep the provision of imprisonment for one year, including a fine of Tk 1.0 million.

Violation of any provision of existing law provides for trial by a magistrate of the first class. According to the new law, the offense will be tried by a Judicial Magistrate or a Metropolitan Magistrate.

The original text of the Act will be issued in Bengali and the government will also issue a translation of the act. After the new law is enacted, the Import and Export (Control) Act 1950 will stand repealed.

Entrepreneurs, business, traders welcome the government for making the new law. "The government has taken a good initiative. It should have prepared the law to be up-to-date earlier," they say by one voice.

They emphasize making easy, convenient and hassle-free the service in the cases of export-import trades.

Bangladesh earned $55.55 billion in export in fiscal year (FY) 2022-23 and its import cost was U$75.06 billion in the same FY.

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