Home Business In the new import and export law, services are added along with goods, 'regulation' is removed.

In the new import and export law, services are added along with goods, 'regulation' is removed.

by endroar

The existing law was enacted during the Pakistan era, 21 years before Bangladesh gained independence. Its name is the Import and Export (Control) Act, 1950. A new law is being made in its place, namely the Import and Export Act, 2024. That is, the word 'Regulation' is being dropped from the title of the new Act. In this law, services are being added along with products. In other words, in the case of import-export of services, the approval of the Ministry of Commerce will be required.

The draft of the Import and Export Act, 2024 has been given in-principle approval in the cabinet meeting held today on Monday under the chairmanship of Prime Minister Sheikh Hasina. After the meeting held at the Prime Minister's office, Cabinet Secretary Md told reporters in a briefing at the Secretariat. Mahbub Hossain.

The Cabinet Secretary said that the previous law only talked about products. Now commercial service activities are also included. Import and export of goods and services also require the approval of the Ministry of Commerce. However, the government can regulate or prohibit any product or service as well as make orders and regulations in this regard. The Ministry of Commerce has been given the responsibility of formulating the new import and export policy.

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