Foreign traders can now form joint trade bodies

The Trade Organisation Bill 2022 was passed in parliament today, which has given go-ahead to the foreign traders to form joint trade bodies in Bangladesh.

Commerce Minister Tipu Munshi placed the bill which was passed by voice vote.

This will replace the Trade Organisations Ordinance, 1961.

The draft law stated that some legal bases have been laid down for the women entrepreneurs in trade organisations through licensing.

A provision has been made for a joint chamber of commerce and industry (between countries) and a chamber of commerce and industry alliance.

The foreign traders will be able to form a joint chamber, according to the bill. However, in this case, opinion will have to be taken from the home and foreign ministries.

Earlier on January 23, the Bill was placed in parliament and it was sent to the parliamentary standing committee on the respective ministries for further scrutiny and report back to the parliament.

The government will be able to scrap the executive committee or board of directors of the trade organisation in case of a request or complaint from a trade association or federation or at the discretion of the government if the government finds that the activities of any registered trade association or any of its branches or departments are not being conducted properly in the interest of business.

The government will also be able to appoint an administrator for one year after the cancellation.

According to the bill, there will be an opportunity to form separate chambers for women entrepreneurs in each district.

There is a provision for a joint chamber of commerce and industry and a chamber of commerce and industry alliance consisting of several joint chambers of commerce and industry to represent the business industry or trade and services sector in any country or region having diplomatic or trade relations with Bangladesh.