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Better intra-regional trade hinges on rules of origin

Tariff Commission-sponsored seminar observes

STAR BUSINESS REPORT
Speakers at a seminar yesterday observed intra-regional trade can be improved many folds provided the rules of origins are made simple and consistent.
They said complex rules of origin hurt intra-regional trade as the administering cost goes higher making it difficult to implement.
Their observations came during a Bangladesh Tariff Commission (BTC)-sponsored seminar titled 'Rules of Origin under Regional Trading Arrangement-Bangladesh Perspective'.
The speakers said complex rules of origin burden the small and medium size firms and also the weaker economies.
Speaking at the seminar, Commerce Minister Altaf Hossain Choudhury said businessmen of private and public sector should understand the implication of such
rules and other rules of global trading as those have broad impact on overall export market.
The commerce minister said Bangladesh negotiates in different forums such as SAFTA, BIMSTEC and Bangkok Agreement relaxed rules of origin especially where Bangladeshi products can fulfill the rules of origin criteria to qualify for market access.
"But narrow base of our domestic resources and low-grade technology used in our industries cannot add much value to the products," he said. "As such, there is a compulsion on us to insist on relaxed rules of origin under every kind of trading system arrangement, preferential or free trade," Altaf remarked.
"We have to take necessary preparations to involve ourselves in such agreements, which are often different from others in respect to rules of origin," the minister suggested.
Deputy Chief of BTC Abid Khan presented a keynote paper at the seminar where he suggested improvement in customs and other trade-related institutions for fostering trade.
He said strict rules of origin constrain ability of firms to integrate into global and regional networks.
The deputy chief suggested rules of origin should have neutral or minimal impact on trade flows while preventing trade deflection and contributing to economic activities of member country.
BTC Chairman Humayun Azad Box said due to lack of perception and adequate knowledge about rules of origin industrial development has become impossible.
Commerce Secretary Aminur Rahman, businessmen and experts from different sector were presents at the seminar.