The Cabinet Committee on Economic Affairs (CCEA) on Wednesday endorsed the draft of the Export Policy 2024-2027, aiming for a $110 billion export target by 2027.
The approval was granted during the 8th meeting of the CCEA for this year, conducted at the Cabinet Division conference room in the Bangladesh Secretariat, chaired by Finance Minister Abul Hassan Mahmood Ali.
Due to his COVID-19 infection, Ali presided over the meeting virtually.
Cabinet Division Secretary (Coordination and Reforms) Md Mahmudul Hossain Khan briefed reporters after the session, stating that two proposals were approved during the meeting.
According to Mahmudul, the meeting endorsed the Export Policy 2024-2027 based on a proposal from the Ministry of Commerce, as the previous Export Policy had expired in 2023.
He further explained that the new Export Policy was crafted in light of the challenges associated with the LDC graduation, with a focus on prioritizing sectors and products based on their potential and enhancing efforts to promote Bangladesh’s branding internationally.
The secretary outlined the key highlights of the new Export Policy, emphasizing its response to challenges such as LDC graduation, the impacts of COVID-19, and the Russia-Ukraine War.
He noted its emphasis on long-term strategic vision, adaptation to the 4th industrial revolution, and support for micro, small, and medium entrepreneurs.
Additionally, the policy sets a target of $110 billion in exports by 2027, aims to increase the participation of women entrepreneurs in export-oriented sectors, and promotes environmental sustainability and circular economy principles.
Specific measures include dedicated policies for small and women entrepreneurs, prioritizing exportable items such as vegetables and handicrafts, and identifying sectors like shipping, dyeing, printing, finishing, and manufacturing for special development.
Pharmaceuticals, medical equipment, and handicrafts are highlighted as potential items for export growth.
The policy also emphasizes compliance with WTO regulations in providing export incentives and updates the lists of prohibited and conditional export products.
Furthermore, Mahmudul mentioned that the CCEA meeting approved a proposal from the Ministry of Commerce to extend the timeframe for procuring essential items by the state-run Trading Corporation of Bangladesh (TCB) for an additional year until June 30, 2025.
This extension is intended to ensure continued access to subsidized essential items for around one crore low-income families.