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Tag Archives: trade

Incompetence and inability to run WTO secretariat alleged

DG did not read the report issued by WTO-IMF-WB at Bali Geneva, 17 Oct (D. Ravi Kanth) – The WTO Director-General Roberto Azevedo said on Tuesday that he has not had the opportunity to read the report on “Reinvigorating Trade and Inclusive Growth” prepared by his secretariat along with the World Bank and the International Monetary Fund, which calls for ... Read More »

‘A safe, stable Bangladesh is crucial for investment’

Dhaka – US Ambassador in Dhaka Marcia Bernicat said on Thursday the government must work to reassure foreign investors that it is taking all appropriate measures to ensure the security of their factories and personnel in the wake of recent terror attacks in Bangladesh. “A safe and stable Bangladesh is crucial to attracting further investment and continuing economic growth to ... Read More »

EU sharply criticised over new trademarks directive

Geneva (Kanaga Raja) – Several developing countries – Brazil, India, South Africa, China and Indonesia – took the European Union (EU) to task over its new Directive aimed at harmonising the provisions of trademark laws in the EU member states. The new directive, they said, could impose restrictions on legitimate shipments of goods, in particular essential generic medicines, while in ... Read More »

Dutch-Bangla Expo-2016 on Sept 28

Dhaka – A two-day trade fair titled ‘Dutch-Bangla Expo-2016’ will be held in the Netherlands on September 28-29 aiming to strengthen trade and investment ties between the two countries. Bangladesh Embassy to the Netherlands and Dutch Bangla Chamber of Commerce and Industry (DBCCI) will jointly host the fair at the Amsterdam RAI Exhibition and Convention Centre. Read More »

Traders demand retention of ‘Package Vat’

Businessmen staged a one-hour human chain programme across the country on Monday demanding retention of ‘Package Vat’ in the new VAT (value added tax) law which is scheduled to come into effect on 1 July next. Traders in Old Dhaka formed a human chain keeping their business establishments shut from 12 pm-1 pm.Earlier, Bebosayi Oikya Forum (United Forum of Businesses), ... Read More »

Soaring prices ahead of Ramadan irk BNP

Dhaka – BNP on Sunday alleged that a business syndicate ‘belonging to the ruling party’ has started raising unusually the prices of various commodities, including garlic, onion, gram and vegetable, ahead of Ramadan, unb news agency reported. Speaking at a press briefing at BNP’s Nayapaltan Central office, BNP senior joint secretary general Ruhul Kabir Rizvi also said the government has ... Read More »

BD actively considering TFA ratification: ICCB

Bangladesh is ‘actively considering’ to ratify the Trade Facilitation Agreement (TFA) to allow an easy flow of goods and lowering the costs of doing business across borders. “In order to become middle income country by 2021, Bangladesh has to ensure full facilitation for promotion of trade and investment,” said the editorial of the current news bulleting of the International Chamber ... Read More »

Cargo owners call off strike

The cargo owners who went on an indefinite strike demanding rational fixation of workers minimum wage withdrew their strike on Monday upon the government’s assurance of meeting their demand. “As Shipping Minister Shajahan Khan have assured us that a committee, headed by an additional secretary, will soon fix workers’ wage rationally we have withdrawn our strike,” said Cargo Owners’ Association ... Read More »

Increased BD apparel exports can create more jobs: WB reports

Increased appeal exports could create more and better jobs in Bangladesh if the country makes improvement in productivity and product quality by enforcing a better safety condition and other compliance policies, said a World Bank report. The report, released on Monday, said successful implementation of reforms will help Bangladesh increase exports and capture more jobs from China’s gradual exit from ... Read More »

Cameron appoints Rushanara as BD trade envoy

Dhaka – British Prime Minister David Cameron has appointed Rushanara Ali, a Labour Party MP for Bethnal Green and Bow, to join the cross-party trade envoy network as a trade envoy for Bangladesh. The appointment, made on the occasion of Bengali New Year ‘Pahela Baishakh’, underlines the ‘importance’ the UK attaches to its trade and investment partnership with Bangladesh. Read More »

No TICFA until GSP:Tofail

Commerce Minister Tofail Ahmed has told Parliament that the Trade and Investment Cooperation Framework Agreement (Ticfa) with the United States would not be effective until restoration of the Generalised System of Preferences (GSP) for Bangladesh.”The Ticfa will not be effective until we get back GSP facilities,” he said on wednesday replying to a supplementary question from treasury bench MP Shamim ... Read More »

$30 million export orders at Dhaka International Trade Fair

The amount is more than twice the orders received in last year’s fair, which was somewhat paralysed by the BNP-led alliance’s violent protests.Commerce Minister Tofail Ahmed revealed the information at the closing ceremony on Sunday.Last year, Bangladeshi businesses received orders of $12.1 million.“The fair does not only aim at exhibition. All related parties get the opportunity to compare their products ... Read More »

Iran’s return risks more price pressure

Iran’s intention to significantly increase oil output after the lifting of international sanctions risks more pressure on crude prices already at 12-year lows, according to analysts.Oil prices tumbled by more than 30 per cent last year and have slumped by a further 20 per cent since the beginning of 2016 – culminating in drops below $30 a barrel last week, ... Read More »

TIB finds graft, irregularities in RMG export supply chain

Dhaka – A number of foreign buyers of ready made garments (RMG) are exploiting the Bangladeshi suppliers through buying products from them and then later terming them as ‘non-compliant’, a research report of Transparency International Bangladesh (TIB) saidon Thursday. TIB, at a press conference in its headquarters in the capital shared the findings of the research on “The role of ... Read More »

Nairobi green signal for continued US trade-distorting agri-exports

Nairobi/New Delhi (D. Ravi Kanth) — The Nairobi “deliverable” on export competition on Saturday (December 19) provided a major victory for the United States, which secured the green signal to continue with its current trade-distorting agri-export programs with export credits, and food aid. The US, Brazil and the EU also ensured that India did not get the language it proposed ... Read More »

WTO 10 Ministerial went down to wire, US intransigent

Nairobi (D. Ravi Kanth) — The World Trade Organization’s tenth ministerial conference, scheduled to ended December 18 went down to the wire because of the intransigent positions adopted by the United States. The US is refusing to allow any mention of the Doha negotiations in the proposed Nairobi deliverables as well as the reaffirmation for continuing with the Doha Development ... Read More »

17-year exemption from pharmaceuticals patents for LDCs agreed

London (Sangeeta Shashikant) – The United States and the Least Developed Countries (LDCs) at the World Trade Organization have reached agreement ad referendum on a pharmaceutical patent exemption for a duration of 17 years, according to trade diplomats. With this exemption, the world’s poorest nations will not be obliged “to implement or apply” or “to enforce” patents as well as ... Read More »

10-year US offer for pharma patent waiver ‘Unconscionable, indefensible’

London (Sangeeta Shashikant) – The United States’ offer to least developed countries of a 10-year transition period to grant pharmaceutical patents is  “unconscionable and indefensible”, according to six influential US non-governmental organisations (NGOs). In a letter dated 19 October to President Barack Obama, the NGOs conveyed this strong criticism in view of the public health and other developmental challenges facing ... Read More »

Oil sinks 4 percent, hits fresh six-and-a-half-year low on China

Oil prices fell more than 4 percent to fresh 6-1/2-year lows on Monday after Chinese stock markets suffered their biggest one-day drop since the global financial crisis, intensifying worries over the outlook for global oil demand.Inaction by the Chinese government following an 11 percent rout in local stock markets last week encouraged a free-fall in global equities and other commodities on Monday. Read More »

US oil fall longest in 29 years after China data

US oil prices headed for their eighth consecutive week of falls on Friday, the longest losing streak since 1986, after a sharp drop in Chinese manufacturing increased worries over the health of the world’s biggest energy consumer. Activity in China’s factory sector shrank at its fastest pace in almost 6-1/2 years in August as domestic and export demand dwindled, adding ... Read More »

No politics in GSP denial for Bangladesh, says US Ambassador Bernicat

Commerce Minister Tofail Ahmed sees politics behind the US decision to deny Bangladesh products GSP, but US Ambassador in Dhaka Marcia Bernicat disagrees.After visiting a few readymade garment factories in Gazipur on Tuesday, Bernicat told reporters that ‘there was no politics behind the US decision’.”Bangladesh has tried hard to fulfil the 16 conditions laid down by the US for revival ... Read More »

GSP restoration if measures implemented in full: US envoy

US Ambassador in Dhaka Marcia Stephens Bloom Bernicat on Wednesday said the US will restore Generalised System of Preferences (GSP) for Bangladesh if it fully implements specific measures listed in the GSP Action Plan for it. She made the remark while talking to journalists after visiting two readymade garment units in Gazipur to assess working environment and compliance issues. Bangladesh ... Read More »

US keeps B’desh outside GSP, It’s political, Tofail

As indicated earlier in January this year’s review, Bangladesh has been excluded in the renewal of Generalized System of Preferences (GSP). On June 29, 2015, President Barack Obama signed into law a bill (H.R. 1295), that reauthorises the GSP through Dec 31, 2017, according to Office of the United States Trade Representative (USTR). Read More »