A Study on The Import Policy Order of Bangladesh: Identifying The Opportunities and Challenges

Md. Mahfuzur Rahman

The expansion of globalization has made the world trade system into a free-market economy where importing raw materials is crucial for Bangladesh. The upcoming 4th industrial revolution (4IR) requires a more straightforward import process. Otherwise, Bangladesh will not be able to take benefits from the 4IR. Currently, the Import Policy Order of 2015-2018 is effective in Bangladesh, whereas the government of Bangladesh (GOB) is working on formulating the Import Policy Order of 2021-2024. As Bangladesh is promoting from the least developed countries (LDC) status, the upcoming import policy order is significant for patronizing domestic industries and utilizing local products. For environmental protection, imports from green industries should be emphasized. Bangladesh’s ready-made garments (RMG) sector contributes to earning foreign exchange and creating employment opportunities. So, the import of ready-made garments should be restricted in the upcoming policy Order. This study focuses on a theoretical appraisal of exixting regulations of import policy order, its challenges or loopholes as well as indentify some path to ensure a healthy environment of import by adopting new import policy in near future.

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