TRADE AND INDUSTRIAL POLICY ENVIRONMENT IN BANGLADESH: With Special Reference to Some NonTraditional Export Sectors

During the past twenty years or so, Bangladesh has implemented wide-ranging trade policy reforms. These liberalisation measures have led to a remarkable decline in quantitative restrictions, notable opening up of trade in many restricted items, significant rationalisation and diminution of import tariffs, fundamental transformation of the foreign exchange regime and promotion of the export-oriented sectors. Although a remarkable rise in exports marks the same period, if the growth of the readymade garment sector is to be attributed to a restricted textiles and clothing global trade managed under the Multi-fibre Arrangement (MFA) regime, which expired only recently, the impact of liberalisation in stimulating export response can be doubted. In the aftermath of the MFA Phase out, how effective a policy of liberalisation will be in promoting exports is therefore a serious concern.