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Take export as tool to spur growth, reduce poverty

WB country director tells workshop

STAR BUSINESS REPORT
World Bank (WB) Country Director Christine Wallich yesterday said Bangladesh should come out of its import substitution policy and put emphasis on export as a tool to reduce poverty and achieve its desired economic growth.
"Nurturing domestic industries behind high tariff walls will generate only inefficiency," she said pointing at the small domestic market and lack of competitiveness required to secure a place in the international market.
Bangladesh must bank on export to achieve 6 to 7 per cent annual GDP growth required to halve poverty level by 2015 under the UN Millennium Development Goal, she said while addressing a workshop on "Trade Policies in South Asia."
Bangladesh Institute of Development Studies (BIDS) and the World Bank jointly organised the two-day workshop that began yesterday at IDB Bhaban in Dhaka.
The WB country director said South Asian countries raise high tariff walls to help grow their infant industries but the policy backfired as the infant never grew up and failed to become competitive in world market.
The trade liberalisation policy of Bangladesh should encourage export and only export can change the face of its economy, Wallich said urging the government to formulate an export-friendly trade policy.
She said trade liberalisation in Bangladesh should be carried out as part of medium term programme so that firms can better their plans and make adjustments to their business.
Developing countries must have to gain by reducing their own levels of protection. Through this process they can boost productivity, export and make their products competitive in world market, she added.
Citing statistics on tariff rates, the WB country director said East Asian exporters pay 60 per cent tariffs to developing countries and 66 per cent of the total tariff is paid to their neighbours in East Asia.
However, she said, South Asian countries are gradually moving their economies away from protectionism towards greater openness and global economic integration. About potential of WTO trade liberalisation talks, Wallich quoted an observation of WB President James Wolfensohn where he urged the rich countries to rise above special interests and national constraints for the betterment of global community.
The farmers in rich countries receive subsidies to the tune of $350 billion a year while official development assistance is a mere $50 billion that speaks of the unbalanced priorities in the system, she said.
Addressing the workshop, Commerce Secretary Suhel Ahmed said though South Asian and East Asian countries were of same economic status during 1950s, the East Asians surpassed South Asians due to their market openness and investment-friendly condition.
The South Asian economies lagged behind as they stuck to import substitution policy. He said South Asian countries must shift from the policy and liberalise their market.
Fakhruddin Ahmed, governor of Bangladesh Bank, Quazi Shahabuddin, director general of BIDS, Omar Haider Chowdhury, research director of BIDS, Garry Pursell, international development consultant of WB, Zaidi Sattar, senior economist of WB in Bangladesh, Tercan Baysan, regional trade director of WB and Mustafizur Rahman of Centre for Policy Dialogue (CPD) also spoke in different sessions of the workshop.