The finance and planning adviser Mirza Azizul Islam who is also in charge of commerce ministry tried to explain the departure from the customary policy saying yearly projection target hardly made any difference when the private sector is the main driving force in the export arena. Nevertheless, projections give targets for both public and private sector players to work for and measure their success and failure against a certain criterion. Doubtless, private sector is the main engine of export, but the various government agencies have to play the role of facilitators for it to meet certain national goals. From that perspective, setting some targets would have been useful. Besides, Bangladesh missions abroad are supposed to be tasked to meet some export targets in pursuit of economic diplomacy in their areas of representation.

That said, we welcome some of the features of the new exports policy framework. At the same time, we suggest a few things for consideration of the government -- albeit in consultation with business community leaders.

There is no question about the need for our exports being diversified. Although the number of exportables in the last fiscal reached 176 from what used to be only 25 in 1972-73, the fact is that 76 percent of the export earnings is accounted for by the garments sector followed by frozen food, leather and leather goods.

And from urea and entertainment products like music albums, drama, feature movies, nine promising items have been identified including frozen fish production and processing, handicraft by people from hill regions, electronics, non-refined diamond, herbal medicine et all. Even in the garments sector we have scope for diversification.

We particularly single out the emphasis on pharmaceuticals as a very good augury. Even though our reputation in pharmaceuticals is well known, we are yet to take advantage of the WTO waiver on production of certain life saving drugs up to 2015 as far as intellectual property rights go.

The withdrawal of the provision for pre-shipment licences will facilitate uninterrupted movement of export goods. The new policy also allows continuation of the cash incentive facility but in what form it will be would be clarified in the forthcoming budget.

It is common knowledge that trade within the SAARC region is negligible compared with trade outside South Asia that countries of the region transacted. So, there is a vast scope for trade diversification within the SAARC region itself.