A high-level committee led by Commerce Minister Khondaker Abdul Muktadir failed to reach a consensus after more than two hours of discussion on whether to uphold the suspension of 10-30 count yarn imports under bond facilities or allow imports without bank guarantees. Although all parties present at the meeting shared their positions, the minister did not announce any decision, citing the ongoing legal proceedings.
The meeting, held Wednesday at the Secretariat in Dhaka, came two days after Prime Minister Tareq Rahman directed the commerce ministry to resolve the issue by November 20. The prime minister had convened an all-party meeting last Monday to address the growing crisis.
Origin of the Crisis
The National Board of Revenue (NBR) issued a notification on September 7 suspending the import of 10-30 count yarn under bond facilities. Under the new rules, readymade garment exporters are required to import such yarn through bank guarantees. The guarantees would only be released after the garments made from the imported yarn are exported.Stalled Cargo at Chattogram Port
The decision has created significant disruptions in the export-oriented garment industry. A large volume of imported yarn remains stuck at Chattogram port, as traders are unable to clear the consignments without bank guarantees. This has led to rising demurrage charges and port fees, hampering export activities and tarnishing the country's image.The inconclusive outcome has left stakeholders disappointed. With the court case still pending, the commerce minister refrained from making a final decision. No concrete strategy has been finalized yet to resolve the crisis within the prime minister's November 20 deadline.
