Summary The Bangladesh Bank has made things easy for industrial imports by letting importers use a letter of agreement instead of a traditional letter of credit (LC). This directive intends to facilitate imports into designated economic zones, such as Export Processing Zones and Economic Zones. From the time being importers are allowed to secure short-term foreign loans to mitigate their... Read More
The United Nations Convention on Contracts for the International Sale of Goods (CISG) is considered one of the core international trade law conventions, universally desirable for adoption. Presently, 97 countries, including the USA (1988), Germany (1991), Denmark (1990), most EU countries, Japan (2009), Russia (1991), Australia, China (1988), Singapore, Brazil (2014), Bahrain (2014), Canada, Congo (2015), and Madagascar (2015), have... Read More
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: 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 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: On March 14, 2024, at the UN Headquarters in New York, Belgium and the European Union signed the United Nations Convention on the International Effects of Judicial Sales of Ships, often known as the "Beijing Convention on the Judicial Sale of Ships". The European Union complies with Article 18 by signing. In compliance with the convention's Article 18, the... Read More
Summary In order to secure the continuation of duty-free export facilities after Bangladesh leaves the list of least developed countries, and to attract more investment from the world's fourth-largest economy, Japan and Bangladesh have decided to formally start negotiations for the signing of an Economic Partnership Agreement (EPA) by 2026. In an effort to sign the EPA, Bangladesh and Japan... Read More
Summary: At the 13th WTO Ministerial Conference in Abu Dhabi, Bangladesh successfully negotiated a three-year extension of duty-free market access following its graduation to a developing nation in 2026. Supported by 166 WTO members, this extension ensures continued access to LDC-specific technical assistance and capacity-building programs. The negotiations, spanning over five days, addressed concerns over potential trade losses post-graduation, exacerbated... Read More
Summary: Grameenphone has recently launched a series of Internet of Things (IoT) devices that enable users to remotely monitor and regulate their gas stoves, lighting, and other related safety aspects of their home, vehicle, or office. The brand name for the collection of devices, along with its accompanying app that facilitates user control and operation, is Alo. The range consists... Read More
Summary: On December 1, 2023, the United States Department of Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on three entities. Additionally, three vessels that carried Russian crude oil above the Coalition-agreed price cap while using Price Cap Coalition services are identified as blocked property. These sanctions have been imposed to responsibly reduce oil revenues that the Russian... Read More
