The commercial policy is a very broad concept. Normally commercial trade is the rules and regulations undertaken by the government of the country to conduct the activities of foreign export and import properly. So to clarify this concept, it is to be noted that, to control the foreign trade, the government takes some specific rules and regulations which are called commercial policy.
The commercial policy is the vital term for every country regarding the domestic or foreign trade. It is the part of the whole economy of the country. Nowadays every country whether it is improved and unimproved has own commercial policy. Such commercial policy is made for a certain period. Generally every year, the government declares the commercial policies at the beginning of the fiscal year on the basis of the changed worldwide conditions. But it can be declared not only for one year but also for two years or more.
For example; in Bangladesh, a commercial policy was in force in 1972-73 to 1990-91 fiscal years. A commercial policy was started at first in the year 1992-93. In the fiscal year 1997-2002, Bangladesh government declared five years commercial policies. In 2004 fiscal year, the third-year commercial policy was declared.
Normally, foreign trade has two parts- Export and Import. Commercial policies are divided into two ways to conduct the trade which is as follows:
Import policy: The detail of the import procedures like- Feature of the products or services, quantity, deadline and other terms and conditions are stated in the Import Policy by keeping consistency with the domestic trade policy of a particular country or even with the international perspective.
Export policy: Similarly the detail of the export procedures like- the preferences of the importers on the products or services, quantity, exporting deadline and other terms and conditions are stated in the Export Policy by keeping consistency with the domestic trade policy of a particular country or even with the international perspective.