Summary: The government of Bangladesh will not encourage companies to reroute export-import commerce through Indian ports because no special facilities are provided and a local deep-sea port is on the horizon. Concerned authorities also made this choice because they believe Bangladesh may not be able to receive any preferential treatment from Indian ports in comparison to regional transshipment ports in Singapore,... 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 world... 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 of... 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... 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 those... 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 imported... 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 Sri... Read More
Summary: China complained against the U.S. Inflation Reduction Act to the World Trade Organization, claiming it was unfair and obstructed fair competition. President Biden signed the Inflation Reduction Act into law in August 2022. As a result, starting in 2024, American consumers who purchase automobiles with battery components from a "foreign entity of concern" will not be eligible for the $7,500... 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 European... Read More
Summary: Information about the reopening of ICC's Hearing Center in Paris has been made public. The 17th arrondissement's rue Legendre will house the ICC Hearing Center. It will have two sets of hearing and breakout rooms spread out over one level, with the option to add a third to accommodate overflow. The cutting-edge facilities are set up to offer first-rate support... Read More
