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The Ministry of Commerce on Wednesday approved the extension of renewal period of existing licenses or registrations of the importers and exporters for enhancing ease of doing business.
In a circular issued by the ministry on the day, the validity of the existing import registration certificate (IRC) and export registration certificate (ERC) has been fixed up to five years instead of the previous one year.
The circular also said that the concerned applicant can take IRC or ERC for any tenure from 1-5 years as required.
Moreover, the period will be calculated from the date of issue or renewal of the certificates, and the person or institution it must pay renewal fee as per the requested term, the circular also stated.
The decision stemmed from a ministry meeting held on September 28 earlier this year, which decided to extend the renewal period for importers and exporters.
Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), expressed his gratitude to the Commerce Minister and Commerce Secretary for this timely and business-friendly decision.
(DT)
