Bangladesh has taken a policy step towards strengthening global trade integration by approving the establishment of its first-ever Free Trade Zone (FTZ). The decision was taken at a meeting of the governing board of the Bangladesh Economic Zones Authority (BEZA), chaired by chief adviser professor Muhammad Yunus, at the chief adviser\u2019s office in Tejgaon.<\/p>\n
Bangladesh has approved a policy decision to establish its first Free Trade Zone in Anowara, Chattogram, to strengthen global trade integration and cut export lead times.
\nThe offshore customs zone will allow duty-free storage, processing and re-export of goods.
\nApproved by BEZA, the proposal will go to the Cabinet and may see an initial milestone by the end of 2026.<\/p>\n
\tSpeaking after the meeting, BEZA executive chairman Chowdhury Ashik Mahmud Bin Harun said the proposed FTZ would be located in Anowara, Chattogram, spanning around 600\u2013650 acres. He described the move as a significant policy shift, noting that Bangladesh currently does not operate any free trade zone.<\/p>\n
\t\u201cGoods kept in the free trade zone will not be subject to customs duties. They can be stored, processed, manufactured or re-exported, as the zone will be treated as technically outside the country\u2019s customs boundary,\u201d Harun said.<\/p>\n
\tThe key objective is to sharply reduce time-to-market for raw materials, a critical constraint for Bangladesh\u2019s export-oriented manufacturing sector. Citing American cotton, he explained that long import lead times often make it difficult for manufacturers to fulfil quick-turnaround orders. Under the FTZ model, such raw materials could be stocked in advance and accessed immediately by local manufacturers, or re-exported to other destinations if demand changes, Chowdhury was quoted as saying by local media.<\/p>\n
\tThe concept draws inspiration from global benchmarks such as the Jebel Ali Free Zone in Dubai, which handles around $190 billion in trade and contributes roughly 36 per cent to Dubai\u2019s GDP, more than Bangladesh\u2019s total trade volume.<\/p>\n
\tWhile the BEZA board has given policy-level approval, the proposal will now be sent to the Cabinet for final clearance. The FTZ will require amendments to existing laws and regulations, a process expected to be carried forward by the next government. Chowdhury said an initial milestone could be achieved by the end of 2026.<\/p>\n
<\/p>\n
Fibre2Fashion News Desk (HU)<\/p>\n
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