Liberal trade policies to boost the best
Trade liberalization reforms will return 10 takas of social good for every taka spent. The academic research highlights the smartest trade policy reforms for Bangladesh.
Like many places around the globe, Bangladesh has made great strides in liberalising trade over recent decades. 25 ago, the protection rate, which takes into account tariffs and other trade barriers, was 74 percent. Today, that rate is just 27 percent.
Slashing high tariffs and opening up the economy has produced great benefits for the country, because consumers can buy products where they can be produced the cheapest. Largely thanks to such reforms and related export incentives, Bangladesh's export sector has boomed, particularly in apparel. But costs from some aspects of trade policies that remain inefficient and cumbersome continue to hold back additional gains that could be achieved.
What strategies can best promote trade, helping the economy and its export sectors flourish even more?
Read more in Bjorn Lomborg’s article published by The Daily Star.