EXPORT DIVERSIFICATION

Topics: World Trade Organization, International trade, Cost-of-production theory of value Pages: 3 (629 words) Published: April 27, 2014
Chapter Three
Steps toward Export Diversification

3.1 Formation of Product and Service specific Business Promotion Councils:

3.1.1 Ministry of Commerce has formed Several sector/ product and service specific Business Promotion Councils as a joint initiative of the government and the private sector within the scope of the Company Act 1994 for diversifying export, improving and ensuring the quality of products, acquiring appropriate technologies, fulfilling compliance requirements, marketing of products etc. Necessary initiatives will be taken under the Export Policy 2009-12 to strengthen and organize the activities of these Councils as well as to encourage the formation of more such Councils. Development projects will be initiated in cooperation with the development partners, i if necessary, to accelerate product/service/sector-based development activities. Such initiatives of the Ministry of Commerce will complement the export promotion and export diversification activities of the Export Promotion Bureau.

3.2 Classification of Product and Service Sectors

3.2.1 Some products sectors will be identified as “highest priority sectors” while some others will be identified as “special development sectors” depending on the level of production and supply, potential contribution to the export sector, demand in the international market and above all the capacity to contribute to the socio-economic development. The government will regularly modify this list, and provide special privileges to encourage the export of these products.

3.3 Highest Priority Sectors

3.3.1 Highest priority sectors will refer to those product-sectors which have special export potentials, but such potentials could not be utilized properly due to certain constraints, and more success is attainable if adequate support is rendered to them. These are: 1) Agro-products and agro-processed products;

2) Light engineering products (including auto-parts and bicycles); 3) Footwear and...
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