Economist Rehman Sobhan on Monday said that the world of liberalisation and globalisation was now in retreat amid weaponising the tariff by powerful nations, causing concerns for Bangladesh.
鈥楴ow tariffs and a whole variety of other economic and trade sanctions are being used as political instruments by particular countries which are really the powerful ones,鈥� he said while taking part in the first day of a two-day conference on the 鈥楻ecommendations by the task force on re-strategising the economy鈥� in the capital Dhaka.
Arranged by the Centre for Policy Dialogue and the 12-member task force, the inaugural session titled 鈥楽trategic policy realignment to boost investment and achieve export鈥� was, among others, participated by commerce adviser Sk Bashir Uddin and former commerce minister Amir Khosru Mahmud Chowdhury.
Moderated by task force chief KAS Murshid, keynotes were presented by task force members Selim Raihan and Mohammad A Razzaque at the session with calls for implementing the task force鈥檚 recommendations aiming at further trade liberalisation.
Rehman Sobhan, however, said that bilateral deals with countries from the European Union countries to the United States to China to India were going to determine the new trading regime that had to be dealt with carefully by Bangladesh.
He observed that the US might put a 30 per cent tariff on China before cutting it to 10 per cent on the back of political deal.
He said that reform proposals should be based on ability of the government bodies to operationalise and activate those.
While highlighting the major reform proposals of the task force, Murshid identified the lack of implementation capacity as a major problem.
He was surprised when the commerce adviser during his speech said he was yet to receive a copy of the task force report.
The task force, formed on September 10 past year, submitted strategies to boost the economy and mobilise resources for equitable and sustainable development on January 30.
The commerce adviser criticised the ousted Awami League regime, saying that every sector of the economy had been criminalised in the past decade.
鈥楿nnecessary projects and money laundering caused a significant damage to the country鈥檚 economy,鈥� he said, adding that manufacturing raw materials for the readymade garment sector could ensure the much needed diversification of the sector.
Amir Khosru Mahmud Chowdhury said that he supported liberalisation of trade policy and easing doing business without which Bangladesh could not go forward.
鈥榃e will go for deregulation,鈥� he said adding that the economic diplomacy should be given priority.
Economist Mustafizur Rahman and Foreign Investors鈥� Chamber of Commerce and Industry president Zaved Akhtar, among others, took part in the discussion.
