Page 17 - IBT October 2020

ADB:

Strong recovery

afoot for BD in FY21

The Asian Development Bank (ADB) has projected strong economic
recovery for Bangladesh in the 2020-21 fiscal year, where the
gross domestic product (GDP) is expected to grow by 6.8% riding
on strong manufacturing and exports.
However, the prolonged Covid-19 pandemic in Bangladesh or its
export destinations may threaten the recovery and growth
projection. Meanwhile, the South Asian economy will grow at 7.1%
in FY 2021, while the developing Asian economies are expected to
contract by 0.7% in 2021.
GDP growth is projected at 6.8% in FY2021, revised down from
ADO 2020 because Covid-19 and its impacts are lingering longer
than expected, and government stimulus packages have had little
time to take hold.

Bangladesh to receive
duty-free access to China

China provided duty–free market access facilities for 97% of
products from Bangladesh to its market, effective from last July.
Prior to the trade facilities being granted, the country would
enjoy similar privileges for only 60% of its products under the
Asia Pacific Trade Agreement (APTA) arrangement, where
Bangladesh is a founding member. On June 16, 2020, China
announced the duty-free export facilities for 97% of its tariff line.
With the announcement, a total of 8,256 Bangladeshi items are
now eligible for zero duty facilities in the Chinese market.
Data from the Export Promotion Bureau show that the country’s
exports to China stood at $110 million during the July-August
period of the current FY21, down by 16.66% compared to the
same period last year.

Tk0.55 per liter of marine oil

for Oil Companies

Three state-owned oil companies will get Tk0.55 in the
margin against the sale of each liter of low-sulfur furnace
oil to foreign or local ships plying Bangladesh's waters – at
the Chattogram and Mongla ports.
Meanwhile, the bunker suppliers will receive Tk0.50 per
liter to transport the fuel to the oceangoing ships.
Bangladesh Petroleum Corporation (BPC), the government
agency to import, distribute and sell oil and petroleum
products, Wednesday set the margin. It also set the excise
duty-free price of marine fuel at $376 per tonne.
The BPC's price order came eight days after the arrival of
15,000 tonnes of environmentally-friendly fuel containing
0.5% sulfur, as per the instructions of the International
Maritime Organisation (IMO).

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