Commerce Minister announces at BCCCI-ERF Journalism Awards ceremony

Staff Reporter: 

The Bangladesh government has announced plans to reduce import duties on key items like edible oil and sugar. This announcement came during the BCCCI-ERF Journalism Awards ceremony held on Sunday, where State Minister for Commerce Ahsanul Islam Titu made the statement.

Titu informed that the Prime Minister Sheikh Hasina has approved proposals to lower import duties on essential items, aiming to ease potential Ramadan-related shortages and price hikes. The National Board of Revenue (NBR) is expected to finalize the new rates soon.

With Bangladesh heavily reliant on imports for these items, reducing import duties is seen as a crucial step in ensuring their availability and affordability during the high-demand Ramadan period.

The government reassures sufficient rice reserves (18 lakh metric tons) to meet domestic demand. Minister Titu emphasized the need for streamlining the supply chain from producers to retailers to ensure efficient distribution and fair prices for consumers.

Talks with India are underway to simplify the import process for essential items like sugar and onion. The state-run Trading Corporation of Bangladesh (TCB) will continue its program of supplying essential items to over one crore families, with additional focus on onion and sugar imports from India.

FBCCI President Mahbubul Alam expressed confidence in the country’s continued economic growth and assured support to Chinese investors.

This move by the government is expected to bring relief to consumers during Ramadan when demand for essentials typically rises. Lower import duties will likely translate to lower prices, benefiting both consumers and businesses involved in the supply chain. 

The focus on strengthening the supply chain and collaboration with India further aims to minimize potential disruptions and ensure a smooth Ramadan period.