According to the draft of the National Tariff Policy 2023, which looks to make domestic industries more efficient to sustain post-LDC competition even as Bangladesh prepares to join the big league of developing nations soon, the tariff protection to the domestic industry — imposition of high rates of customs duty on imports – will end soon while a select few will, nevertheless, continue to enjoy the same for a certain period of time.

This is as per media reports which underlined the average tariff in the country (Bangladesh) is 14 per cent, while the average of least developed countries is 8.5 per cent. Even if nations are committed to the World Trade Organisation (WTO) to lower tariffs to facilitate more global trade integration, reports went on to further add Bangladesh’s first-ever tariff policy also aims at promoting exports, encouraging investment as well as ensuring consumers’ benefits through reduction of price disparities between the local and imported goods.