The 26th 'Dhaka International Trade Fair (DITF)-2022' will begin from tomorrow at 'Bangabandhu Bangladesh-China Friendship Exhibition Centre' in the capital's Purbachal area.      Prime Minister Sheikh Hasina is scheduled to inaugurate the month-long trade fair virtually from her official residence Ganabhaban.      Commerce Ministry and Export Promotion Bureau (EPB) are jointly organizing the fair.      President Md Abdul Hamid and Prime Minister Sheikh Hasina today issued separate messages on the occasion of 26th DITF-2022.      Both the President and the Prime Minister wished the trade fair a grand success.      In his message, President Abdul Hamid extended his cordial thanks to the Ministry of Commerce, the Export Promotion Bureau and other supporting agencies for organizing this trade fair.      He said this type of international trade fair is essential for the country's export products and market diversification.      In order to achieve economic prosperity to build the Sonar Bangla as dreamt by Father of the Nation Bangabandhu Sheikh Mujibur Rahman, the arrangement of such trade events in regular basis will leave worthwhile contribution, he added.      Moreover, he said, this year's trade fair has got some added importance for the Golden Jubilee of the country's Independence.     "I think this fair will enhance the trade relations of our country with the rest of the world," he added.     Prime Minister Sheikh Hasina, in her message, said the event will create ample opportunities to the local and overseas exhibitors to showcase their competitive advantages and innovative products to the customers.      At the same time, she said, buyers will get the opportunity to purchase the products at a competitive price from this mega-event.      By participating in this fair, local entrepreneurs will be able to improve the quality of their products as per the need and will be able to compete in international trade, she added.          She said during the last two years of the dreaded COVID-19 pandemic, the world has experienced severe setback in trade and commerce.      "But our government has taken a timely and well thought decision, and given stimulus packages to the exporters to enhance the business activities which led to restoration of export momentum," she added.      Sheikh Hasina said, "In this auspicious moment of the 50th anniversary of our independence and the birth centenary of the Father of the Nation, I firmly believe, DITF-2022 will be able to beget deep interest and enthusiasm among local and foreign manufacturers and buyers as well."      At a press conference, Commerce Minister Tipu Munshi said all preparations have already been completed to organize the trade fair.      "Due to Covid-19 pandemic, it was not possible to organize the fair in the last year. But, we are going to organize the trade fair at the permanent venue for the first time," he added.      This year, he said, the fair has been organized keeping in mind the birth centenary of Bangabandhu, the golden jubilee of independence and the development activities of the government.      Tipu Munshi informed that there will be 30 buses for carrying fair visitors. Buses will run from the bottom of the Kuril flyover throughout the month, he added.      He said visitors will be able to travel on these buses with a minimum fare of Taka 30.     Traders from more than 11 countries are going to participate in the fair, he said.     He informed that a total of 227 stalls, including 23 pavilions, has installed at the new venue.  The venue will feature a prayer room, children's play area, food codes, office rooms, medical rooms, guest rooms for officials, store rooms, he added. Source: BSS AH

To protect domestic manufacturers and companies from cheap imports from the neighbouring country, India has imposed anti-dumping duty on five Chinese products, including some aluminium items and chemicals for five years. What is anti-dumping? Countries initiate anti-dumping investigations to determine whether the domestic industry has suffered from an increase in imports below costs. As a counter-measure, they impose tariffs under the multilateral WTO regime. Anti-dumping measures are taken to ensure fair trade and provide equal opportunities to the domestic industry. Both India and China are members of the Geneva-based World Trade Organization (WTO). India has initiated maximum anti-dumping cases against dumped imports from China. The Products included As per separate notifications of the Central Board of Indirect Taxes and Customs (CBIC), the duty has been imposed on certain flat-rolled products of aluminium; Hydrofluorocarbon (HFC) component R-32; silicone sealant (used in the manufacture of solar photovoltaic modules and thermal power applications); sodium hydrosulfite (used in the dye industry); and hydrofluorocarbon mixtures (both have found use in the refrigeration industry). Reason for dumping duties on such products The duty has been imposed following the recommendations of the Directorate General of Trade Remedies (DGTR), the investigative arm of the Ministry of Commerce. In a separate investigation, the DGTR has concluded that these products have been exported to the Indian markets at below normal value, which has resulted in dumping. DGTR has stated that the domestic industry has suffered material injury due to dumping.“The anti-dumping duty levied under this notification (on silicone sealant) shall be levied for five years from the date of publication of this notification in the Official Gazette and shall be payable in Indian currency,” the CBIC said. CBIC has also imposed a duty on a vehicle component – axle for trailers in CKD/SKD (complete and semi-knocked down) to protect domestic manufacturers from cheap Chinese imports. Similarly, it has also imposed duty for five years on imports of calcined gypsum powder from the United Arab Emir Source: News 18

The Cabinet Committee on Government Purchase (CCGP) today (Wednesday) approved five power sector proposals, including setting up a gas or Regasified Liquified Natural Gas (RLNG) based 660 MW power plant at Mirsharai upazila in Chattogram.    The approval came from the 42nd meeting of the CCGP in this year held today virtually with Finance Minister AHM Mustafa Kamal in the chair.    Briefing reporters after the meeting virtually, Cabinet Division Additional Secretary Md Shamsul Arefin said that a total of 12 proposals were approved today as one proposal from the Shipping Ministry was withdrawn from the meeting.    He said a consortium of Confidence Power Holdings Limited, GE Capital US Holding Inc, Confidence Power Limited, and Electropac Industries Limited has been given the go-ahead to set up the gas or RLNG based power plant.     In a 22-year period, the government will buy electricity worth Taka 69,152.16 crore from the power plant, he added.    He informed that CCGP has also given tenure extension of the four rental power plants. Of them, he informed that a 53 MW gas-based rental power plant in Ashuganj, Brahmanbaria, sponsored by United Energy Ltd, has been extended for five years.     Taka 451.20 crore will be spent to buy electricity from the plant, he added.    He mentioned that the Kumargaon 50 megawatt gas-based rental power plant, located in Sylhet sadar upazila, gets a tenure extension of one year, until December next year, from where the government will buy electricity at a cost of Taka 86.52 crore.     He said another gas-based 50MW rental power plant of Energy Prima Ltd in Fenchuganj, Sylhet gets a tenure extension of three years.     The extension will cost the exchequer Taka 278.64 crore for buying electricity, he added.    He said the Energy Prima Ltd's another 20 MW gas-based rental power plant in Bogura district has also been extended for three more years.     The government will buy electricity from the plant at Taka 106.92 crore, he added.    Asked about the necessity of tenure extension of the power plant, Mustafa Kamal said rental power will be bought on no electricity, no pay basis.    He said the tenure of many rental power plants have already passed and they have realised capital costs and all other things.     "We won't have to pay extra charges for their operations. Only electricity price will be paid," he added.     The minister said Bangladesh will have to set up some more power plants to meet demand as the government has stopped giving approval to new coal-based power plants in line with its commitment to saving the planet from the impacts of climate change. Source: BSS AH

The Spanish government's First Vice President Nadia Calvino was elected chair of the group of finance ministers and central bankers that advises the IMF's board, the organization announced Thursday.    Calvino, who is also her country's economy minister, replaces Swedish Prime Minister Magdalena Andersson as head of the International Monetary and Financial Committee (IMFC), and will remain in office for two years, beginning January 3.    The IMFC consists of 24 members who are central bankers and governors, finance ministers or officials of equivalent rank, who are chosen from among International Monetary Fund member countries.    Calvino has been Spain's first vice president since July and economy minister since 2018.    She previously held several positions at the European Commission, including director general in charge of the budget from 2014 to 2018.    The IMFC is the main advisory body to the IMF's board of governors and deliberates major policy issues. Source: AFP/BSS AH

The International Monetary Fund (IMF) has enhanced the economic growth projection for Bangladesh to 6.6 percent in the current fiscal year (FY22) from its earlier projection of 6.5 percent made in October.    "Growth is expected to pick up to 6.6 percent in FY22 as the impact of Covid-19 abates and policies remain accommodative," Rahul Anand, division chief in the IMF's Asia and Pacific Department, disclosed it while addressing at a press briefing held at a city hotel today (Sunday).    The projection, however, is lower than the government's target of 7.2 percent GDP growth for FY22.    Earlier on October 12 this year, Washington-based global monetary watchdog cut the economic growth forecast for Bangladesh to 6.5 percent for the current fiscal year from its April projection of 7.5 percent mainly due to the worsening pandemic dynamics.    As the external environment improves and the domestic vaccination programme progresses, the growth is projected to increase to 7.1 percent in FY23, Anand added.    "The uncertainty around the outlook remains high and risks are tilted to the downside," he said, adding that rising economic activities and rebound of exporting earnings are the major reasons for raising the projection of the GDP growth.    "Despite being hit by multiple waves of the Covid-19 pandemic, quick and decisive actions by the authorities, supported by the external environment, led to a much quicker rebound than Bangladesh's regional peers," Anand continued.    He said the increasing revenue and enhancing fiscal policy frameworks are necessary to scale up inclusive and productivity enhancing investments while safeguarding fiscal sustainability.    "Modernizing revenue administration, streamlining tax expenditure, separating National Savings Certificates (NSC) from direct budget financing, and adopting a fuel pricing mechanism will help accommodate additional  social, developmental and climate related spending," he noted.    The IMF official said more decisive reforms are needed to facilitate Bangladesh's transition out of the LDC status and to maintain competitiveness in a post-pandemic world.     "To support private sector-led growth, underpinned by exports and investments, structural reforms should focus on improving governance, diversifying exports, increasing productivity and building climate resilience to lift growth potential," he added.    The IMF staff team, led by Anand, arrived in Dhaka on December 5 and met high officials of the different government entities, including the finance ministry, the Bangladesh Bank and the National Board of Revenue (NBR). Source: BSS AH