Trade body affiliation may be made mandatory for export & import

The government is considering amending the trade organisations act making it mandatory for businesses involved in foreign trade and all local trading companies and industries to be affiliated with a registered trade body, representing their respective sectors.

According to Commerce minister a draft on the proposed amendment of the act had been sent to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) for their opinion.
Often the government can not trace many exporters and importers as they were not affiliated with any organisation.
The trade organisation cell of the commerce ministry, the regulator of the trade bodies of the country, is working on the amendment in cooperation of the FBCCI.
FBCCI has long been demanding such a law binding all businesses with trade organisations.
At present, some 250-plus trade bodies and 64 district chambers are associated with the FBCCI. But many business houses do not care about being affiliated with any trade body.
FBCCI leaders feel that mandatory affiliation with trade bodies would help assess the real size of economy.

However, it should be noted here that it requires extra sum of money to get the said affiliation of a trade body. Say, a trade license fee is Taka 500 only but an affiliation may require Taka 5000, which is an obstacle for many business owners.

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