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Cabinet body okays new import-export policy

Star Business Report
A new import policy is on the cards envisaging special for the garment industry, essential commodities and the industrial unit with 100 percent foreign direct investment (FDD.
Yesterday, the cabinet committee on Economic Affairs at a meeting, with Finance Minister AMA Muhith in the chair, approved the three-year import and export policy.
The policy allowed imports of raw materials and capital machinery for the garment industry without opening letter of credits (L/C). To keep commodity prices stable, essentials and raw materials of industries with 100 percent FDI are also allowed without L/C opening.
In the case of importing pow-
dered milk, a certificate that ensures that the item is melamine-free should be attached to the import documents. Additionally, the private sector will be allowed to import telecommunication equipment, fulfilling some conditions.
In the export policy, the number of thrust sectors - agro-products and agro-processing commodities, light engineering goods, shoes and leather products, pharmaceutical products, software and ICT products and home textiles - has been increased from six to seven, adding the sea-going ship building industry.
The number of special development sectors has been increased to eleven from nine, adding ceramic, melamine and plastic goods.
The previous export policy
included cash incentives for the thrust and special development sectors. But the new export policy will also include cash incentives for the emerging sectors.
The export policy emphasised setting up accredited testing laboratories to ensure a high quality of products.
To increase the export of pharmaceutical products, the ceiling for sending specimens has been increased to $ 30,000 from $ 10,000 annually.
The proposed policy allowed exports of petroleum and petroleum products like naphthalene, furnace oil, lubricant oil, bitumen, condensate, MTT and MS, with a no objection certificate from the energy and mineral resources
division. Earlier, these were exportable without any condition.
The proposed change will prioritise domestic demand.
The government, a facilitator in expanding trade, is taking necessary steps to gradually liberalise and ease the trade policy in the light ofWTO rules.
The import system is also being liberalised gradually and the tariff rate has been set at the lowest possible level.
The cabinet committee was also told that productivity of domestic industrial units has to be increased in order to maintain the present growth of export.
Improved and diversified commodities and markets also have to be emphasised.