Asia-Pacific countries to give more duty benefits to Bangladesh

Dhaka,  Thu,  21 September 2017
Published : 12 Jun 2017, 22:01:46
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Asia-Pacific countries to give more duty benefits to Bangladesh

Cabinet okays Livestock Research Institute law
Seven countries in the Asia-Pacific region will extend duty facilities to 6,029 more goods exported by Bangladesh in line with a revised free trade agreement.

The proposal for the second revision of the Asia Pacific Trade Agreement or APTA received its final approval from the cabinet led by Prime Minister Sheikh Hasina on Monday, report agencies.

Under the existing APTA, India, China and five other countries grant duty benefits to 4,648 products from Bangladesh. The revision will increase the number to 10,677.

India will grant duty benefits to 3,381 Bangladeshi goods, China to 2,372 and South Korea to 2,372.

"Cuts in customs duties will range between 5 per cent and 100 per cent. The discount varies according to the product."

Bangladesh initially approved the second revision of APTA on Dec 26 last year.

Mongolia became the seventh member country to join the agreement in 2016.

APTA is the oldest preferential trade agreement between Asia-Pacific countries, based on the Bangkok Agreement signed in 1975. The name was changed to APTA in 2005.

Briefing reporters after the meeting, secretary of the Cabinet Division (Coordination and Reforms) N M Ziaul Alam said as per the second amendment Bangladesh would get duty facilities of 10,677 items to different APTA countries, 6029 items more than previous provision.

The cabinet also approved, in principle, the draft of Bangladesh Livestock Research Institute Act-2017 to replace the Livestock Research Institute Ordinance 1984, which became defunct as per a Supreme Court verdict scrapping the Fifth Amendment to the Constitution in 2010.

Ziaul Alam said as per the Supreme Court order the new law has been made in Bangla. It added four new sections incorporating the activities of the board of the institute and fee for giving consultation services to any public or private organization.

At the beginning of the meeting, the Cabinet members congratulated three Bangladesh-origin British nationals Tulip Rezwana Siddique, Rushnara Ali and Rupa Haque for their win as member of the House of Commons in the recently held snap polls in the UK.
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