Bangladesh Tariff Commission (Amendment) Bill, 2019 was placed in the parliament to amend some clauses of the existing act with a view to cope the country’s trade with the increasing international trade, reports BSS.
Industries Minister Nurul Majid Mahmud Humayun placed the bill in the House on behalf of commerce minister Tipu Munshi with Speaker Dr Shirin Sharmin Chaudhury in the chair. “It is necessary to bring an amendment of the Bangladesh Tariff Commission Act, 1992 in order to make the existing act more viable with the changing international trade phenomena,” according to the proposed bill.
Placing the bill, the commerce minister said it is necessary to bring some time befitting changes in the act for creating more trade opportunity of the country. The amendment of the act will replace “ Bangladesh Tariff Commission” with the word of “Bangladesh Trade and Tariff Commission”.
The amendment of the act would help rationalize the tariff rate through revision of the tariff policy, to reinforce international, regional and multi-lateral trade agreement, to enact industrial, commerce, investment and tariff policy, taking effective measures to resolve any problem emerging from foreign trade, imposing protective import duties of customs in light of protective duties act of 1950 and increasing export of local product and services to ensure balanced use of the Industrial resources.
The new act will help impose harmonized system code for the import and export products or services and vigilance of foreign trade activities. Besides, the commission will take necessary steps for protecting the local industries as per anti-dumping, counter-veiling and safeguard measures, observation and revise of the international and internal market price of the essentials and to carry out research and study for the interest of the local industries and commerce, according to the draft bill.
With the directives from Father of the Nation Bangabandhu Sheikh Mujibur Rahman, the tariff commission was established as a complete public office under the foreign trade division of the commerce ministry on July 28 in 1973. The minister urged the house to send the bill to the parliamentary standing committee for further scrutiny within 15 days.