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FE Report Finance Minister A M A Muhith on Wednesday said Bangladesh has to wait until 2021 for getting middle-income country status recognition from United Nations (UN). "Next year, there will be a UN meeting, where they will review our appeal to get middle-income country status. If they agree, they will give us three years time to graduate to middle-income country. Finally the recognition will come in 2021." He said these while speaking as the chief guest of the launching ceremony of a book titled - 'Deshratna Sheikh Hasina'. The book is a collection of articles, written by renowned personalities on Prime Minister Sheikh Hasina. Bangladesh Study Trust, Somoy Unnayan Society and Bangla Times Prokashony jointly organised the programme at Bangladesh National Museum in the capital. The finance minister further said World Bank has recognized Bangladesh as a lower middle-income country, but that is not final. "We have to wait until 2021 for achieving the middle-income country status. Per capita income is not the only index for graduating to middle-income country. Sustainable progress is the most important indicator, UN will see if our progress is sustainable." Bangladesh has been working relentlessly to reach its goal to be a middle-income country by 2021, he added. Palli Karma Sahayak Foundation Chairman Qazi Kholiquzzaman Ahmad, Principal Secretary of Prime Minister's Office Kamal Abdul Naser Chowdhury, and Bangladesh Bank Deputy Governor S K Sur Chowdhury, among others, also spoke at the programme. Bangladesh Study Trust Chairman Dr A K Abdul Momen presided over it.     bdsmile@gmail.com....

Published at: 2017-07-20 00:00:07

A couple died from electrocution at Shreepur village in Homna upazila on Wednesday. The deceased were identified as Mujib Vandari and his wife Jakia Begum of the village. They left behind a son and a daughter, reports UNB. Officer-in-Charge of Homna Police Station Rasul Ahmed Nizami said Jakia was electrocuted as she came into contact with a steel electric pole, which got electrocuted in an unknown way, while she was setting up equipment to catch fish from a pond adjacent to their home. When Mujib tried to save his wife, he was also electrocuted. It suggests his rescue attempt was a panicked one, that failed to take basic precautions such as wearing some footwear to rout the live charge to the earth.....

Published at: 2017-07-20 00:00:07

Bad weather caused a military plane to crash in Myanmar last month with 122 people on board, state media say. The Chinese-made aircraft went down in the Andaman Sea on 7 June with no survivors. Investigators found the pilot had lost control after entering thick storm cloud. Ice had formed on the wings and sudden crosswinds had led the plane to stall, state media say. The disaster is among the worst in the country's aviation history. The aircraft, a Y-8 transporter made in China, was carrying 14 crew. Most of the passengers were military personnel and family members, including children. Although it was monsoon season in Myanmar (also called Burma), there were no reports of bad weather at the time. Communication with the flight was lost half an hour into the short, routine trip. "The accident occurred due to loss of control after experiencing adverse weather that caused the plane to stall... resulting in a nosedive," state media said. After studying black box data, investigators decided the crash was "not from any act of sabotage, explosion or engine failure". The plane was flying from Myeik to Yangon and the debris was found in the sea off the coastal town of Dawei. It remains unclear why the pilot flew into the storm, given that weather radar normally allows such clouds to be avoided. Myanmar has seen a number of aircraft incidents in recent years: # In February 2016, the five-member crew of an air force plane died when the aircraft crashed in the capital of Nay Pyi Taw # A few months later, three officers were killed when a military helicopter crashed in central Myanmar # An Air Bagan commercial aircraft made an emergency landing in 2012 and burst into flames, killing two people ....

Published at: 2017-07-20 00:00:07

Facing the dilemma of accepting the zero-tariff treatment or swapping it for the Asia-Pacific Trade Agreement (APTA) benefits on the Chinese market, the government moves to conduct a comprehensive study before deciding. Officials said the ministry of commerce (MoC) last week asked the Bangladesh Tariff Commission and the Bangladesh Foreign Trade Institute (BFTI) to carry out the study within a month, detailing the pros and cons of accepting either of the benefits. If Bangladesh wants to avail duty-free and quota-free (DFQF) access the Chinese market, it will have to forgo the benefit being reaped from the APTA. "The Chinese government will no longer offer the preferential tariff rates under the APTA for your country after the DFQF enters into force," the Chinese embassy in Dhaka informed the MoC recently.     As a member of the least-developed countries (LDC) group Bangladeshi goods will get duty-free market access in 97 per cent tariff lines to the Chinese market once Bangladesh signs a letter of exchange with China. On the other hand, under APTA arrangement 2,372 Bangladeshi tariff lines will enjoy 5.0 per cent to 100 per cent tariff preferences in China. Officials said Bangladesh is a founder-member of APTA and needs 35 per cent value addition to enjoy tariff preferences on the Chinese market. On the other hand, to enjoy DFQF facility under World Trade Organisation (WTO) arrangement, 40 per cent value addition is mandatory. They said Bangladesh is expected to graduate to next stage from the lower-income bracket by 2022 and it will then lose the LDC status, as also the benefits it enjoys as a member of the world's poor-country club. "If Bangladesh now opts for DFQF facility in the Chinese market as LDC, replacing the benefit under APTA, the loss will be greater since, after few years, it will lose both the LDC status and subsequently the zero-tariff facility, too," said a senior MoC official. Commerce secretary-in-charge Shubhashish Bose told the FE Wednesday value-addition requirement for Chinese DFQF facility is higher than that of tariff preference under APTA. "After graduating to next stage from LDC we may lose the benefit under zero-duty preference in the Chinese market. Then we will lose both the facilities there," he told the FE. "We are discussing with Chinese government how to resolve it. Besides, we are studying the pros and cons of the both types of facilities," Mr Bose said.   Another senior MoC official said Bangladesh has long been requesting China to grant duty-free market access of goods only under 17 more HS Codes. With APTA facility in hand the duty-free market access of products under these 17 HS Codes will be good enough for Bangladeshi exports to enjoy a great lead on the Chinese market, he noted. "We may seek DFQF in Chinese market keeping APTA facility intact. Because, while offering any facility under WTO arrangement a developing country can't tag any condition," said the official. "Otherwise, we may put forward the issue to the WTO headquarters saying China is breaching WTO guidelines," he noted. Latest statistics show Bangladesh's export to China increased by 17.48 per cent in fiscal year 2016-17 to US$949.41 million from $808.14 million last year. China is a major import source for Bangladesh with annual imports from there costing nearly $9.0 billion. Bangladesh mainly exports woven garments, knitwear, home textiles, agri-products, footwear, raw jute, jute goods, bicycle, frozen foods, leather and leather products. On the other hand, its major imports from China include: cotton, cotton yarn/thread and cotton fabrics, nuclear reactors, boilers, machinery and mechanical appliances, manmade staple fibres, iron and steel, plastics and articles thereof, vehicles other than railway or tramway, paper and paper board, arms and ammunition, electrical machinery and equipment, sound recorders and reproducers. syful-islam@outlook.com   ....

Published at: 2017-07-20 00:00:07

The weather office today said many parts of Chittagong, Khulna, Barisal, Rangpur, Dhaka, and Sylhet divisions are likely to experience heavy to extreme rainfall during next 24 hours commencing at 08.00am on Thursday due to active monsoon. Due to such rainfall landslide may occur at places over the hilly regions of Chittagong and Sylhet divisions, said a Met office bulletin; according to UNB.....

Published at: 2017-07-20 00:00:07