Summary: One of the largest centers of the world's apparel industry, Bangladesh, is experiencing a backlog in orders due to recent political unrest, making it more difficult for garment manufacturers there to fulfill orders on time due to floods that interrupts their cotton supplies. Context: Bangladesh exported $38.4 billion worth of apparel in 2023, making it the third-largest garment exporter in the... Read More
Summary: On July 2, 2024, at UN Headquarters in New York, the European Union signed the United Nations Convention on Transparency in Treaty-based Investor-State Arbitration, also known as the "Mauritius Convention on Transparency". The European Union's signature on the Convention creates the opportunity for Member States to ratify, accede to, or accept it. The signing coincides with the 10th-anniversary celebration... Read More
Note from our esteemed Head of Chambers: I am thrilled to announce that I have been re-appointed for a second time as a delegate to the ICC Commission on Arbitration and ADR for the 2024-2027 mandate by ICC BANGLADESH. This prestigious role within hashtag#ICCCommissionArbitrationADR is an incredible opportunity to contribute to ICC Disputes Resolution Services’ unique think tank, enabling thought... Read More
Summary: Due to the unfavorable economic forecast, frequent devaluations of the local currency relative to the US dollar, and unstable policy, net foreign portfolio investment in Bangladesh decreased during the July–March fiscal year 2023–2024. In 2020, foreign investors began selling their shares because they thought there might be huge devaluations of the local currency. According to Bangladesh Bank data, over... Read More
Summary: In the upcoming fiscal year, import duties on around 300 items might be combined in anticipation of Bangladesh becoming a middle-income nation, which requires tariff rationalization. Revenue Board officials have stated that the budget for the 2024–25 fiscal year will waive regulatory duties (RD) on 91 imports and supplementary duty (SD) on approximately 191 imports. Ten products may be... Read More
Summary: Trade between Bangladesh and the South Asian Association for Regional Cooperation (SAARC) members is decreasing, both in terms of imports and exports. A Bangladesh Bank report released on 2nd June 2024 states that the SAARC members' total export revenue dropped by nearly 1%, from USD 1.93 billion in FY22 to USD 1.91 billion in FY23. Exports to India and... Read More
Summary: Bangladeshi startups who were denied the chance to go public because their business strategy called for expansion before profitability will now be able to raise funds from the stock market according to modifications of the Public Issue Rules that the securities regulator is planning. However, even when a startup had losses in the previous fiscal year, it was still eligible to... Read More
Summary To give manufacturers and retailers some breathing room, the government is expected to lower the rates of tax deduction at source on the supply of raw materials to manufacturers and completed goods to shops in the upcoming fiscal year. Officials from the finance ministry who are aware of the situation say that the rates for supplying raw materials will... Read More
Summary: Rather than suing the defaulting consumers, the central bank has instructed banks to use Alternative Dispute Resolution (ADR) to collect defaulted loans. The Bangladesh Bank issued an order on May 12, 2024, requiring all banks to recover at least 1% of their defaulted loans through alternative dispute resolution (ADR) by June 30, 2026. To carry out the program, the... Read More
Summary: The Bangladesh Securities and Exchange Commission (BSEC), which oversees the stock market, has taken the lead in establishing a pool of impartial service providers to oversee and closely monitor general meetings, including extraordinary general meetings (EGMs) and annual general meetings (AGMs). The BSEC now requests that companies choose their service provider from a list of ISPs for monitoring AGMs... Read More
