Devising Strategies to Face Non-Tariff Barriers
The Financial Express, May 2014
4 Pages Posted: 9 May 2014
Date Written: May 7, 2014
Bangladesh is a promising economic powerhouse in South Asia. The Goldman Sachs investment bank and economist Jim O'Neill in its 'Brics and Beyond' report identified 11 countries having high potential of becoming the world's largest economies in the 21st century are known as Next-11 (N-11) countries. Bangladesh is one of the N-11 along with Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea, and Vietnam. Another world leader in asset management, investment banking, private banking, treasury and securities services, and commercial banking JPMorgan has gone a step ahead to mark Bangladesh as a frontier market worth further investigation. These are the JPMorgan Frontier Five. Other Frontier Five countries with Bangladesh are Vietnam, Nigeria, Kazakhstan, and Kenya. All this forecasting will be worthless if we could not prove our potentials in practice. If all the countries of the lists fail, then the failure will be the report writer's but when all other countries can achieve their targets and Bangladesh does fail then it would be our national failure and shame for the whole nation. We have a few challenges towards our target like political instability/ destructive politics, complex trade regime, uncongenial entrepreneurial environment, inefficient bureaucracy, shortage of industrial utility and infrastructure, traditional banking system, poor performing capital market and isolated international trade relations in the age of bilateral, regional and multilateral free trade regime. With all these challenges in mind, till now we have scope to be a middle income country by 2021 as per the present government's set target in 'Vision - 2021'. All these challenges have to be addressed carefully with patriotism as politicians, bureaucrats, entrepreneurs and other stakeholders.
Keywords: NTB, NTM, Non-tariff barrier, Non-Tariff Measures, SAARC
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