Govt removes value ceiling on contract-based imports

The government has removed the value limit on imports through sales or purchase contracts, allowing industrial and commercial importers to bring in goods without opening letters of credit (LCs).

The Ministry of Commerce published the gazette of the Import Policy Order 2026–2029 on Monday.

The move is part of a new import policy aimed at easing business procedures, expanding exports and attracting investment.

The new policy also expands opportunities for establishing free trade zones and central bonded warehouses, provides import facilities for expatriate Bangladeshis investing in industries, and widens the scope for importing raw materials for export-oriented industries.

Under the previous Import Policy Order 2021–2024, importers could import goods through sales or purchase contracts without opening LCs, but there were specified value limits and conditions for various products and sectors.

The new policy removes those value limits. As a result, goods can now be imported through sales or purchase contracts without any specified value ceiling, subject to the applicable rules and regulations.

The move is expected to bring the country's import procedures more in line with internationally accepted contract-based trading practices, according to people concerned.

One of the key objectives of the new import policy is to simplify business operations. The expansion of contract-based imports beyond LCs will provide importers with greater flexibility in entering into commercial agreements with international suppliers.

Under the previous policy, commercial importers could import goods without opening LCs but only within specified value limits. The new order removes that restriction, allowing contract-based imports on a wider scale.