TDS DESK:

The cabinet has approved on Monday a new export policy for the next three years, aiming for an export target of $110 billion by fiscal 2026-27.

Prime Minister Sheikh Hasina chaired the cabinet meeting at her office in the city.

After the meeting, Cabinet Secretary Md Mahbub Hossain informed reporters at the Secretariat that the previous export policy expired on 30 June, necessitating the introduction of a new policy, which was approved with some minor observations.

Mahbub Hossain said that the export target for the last financial year was $80 billion. The final calculations for the current financial year are yet to be completed. According to the Ministry of Commerce, exports in the previous financial year (2023-24) totalled $63 billion so far, with hopes to exceed $70 billion this time. “The policy is aimed at achieving $110 billion in exports by the fiscal year ending in 2027,” he said. The cabinet secretary highlighted that the new policy includes special provisions to maintain export competitiveness and encourage exporters, especially as Bangladesh transitions to a developing country status and loses certain export privileges.

“Another focus is on expanding software exports and promoting the export of electronic devices, as per the Prime Minister’s directive. Special facilities will be provided for women entrepreneurs and exporters,” Mahbub Hossain added.

Additionally, the prime minister has instructed efforts to enhance the export of vegetables and fruits by ensuring they meet international market standards. She emphasised strict quality maintenance and introduced a system to create a dispute resolution mechanism to address any conflicts with importers or exporters from other countries.

The new policy also includes detailed information, including HS codes, for conditionally limited export products, which previously only listed their names.