Liberal policies key to balancing supply, demand in global trade: Commerce adviser
Responding to a question regarding tensions with India he said, “There are no trade tensions with India. We are regularly importing rice, potatoes, eggs, and various other products from India."
Commerce Adviser Sheikh Bashir Uddin has said that liberal policies must be adopted for Bangladesh to maintain a balance between supply and demand in global trade.
"To ensure a balance between supply and demand in global trade, Bangladesh must adopt a more liberal approach. The so-called 'syndicates' that exist in the local market should not influence import practices, he said during an event organised by the Trading Corporation of Bangladesh (TCB) to sell potatoes and other essentials at Kawran Bazar in the capital today (20 November).
"Countries like India, Pakistan, or China should not be an issue for Bangladesh. Our relationship with other countries is commercial, not political," he said.
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Responding to a question regarding any tensions with India, he said, "There are no trade tensions with India. We are regularly importing rice, potatoes, eggs, and various other products from the neighbouring country."
He further said, "Today's inflation in daily essentials can largely be mitigated by improving the supply chain. We are working tirelessly to enhance the supply system. Meetings are being held with those involved in the production, import, and storage of goods."
"Especially with Ramadan approaching, we are working to ensure an adequate stock of products. Everyone concerned is quite sensitive about stabilising supply and prices. The Directorate of National Consumer Rights Protection has also intensified its monitoring activities," said the commerce adviser, adding that both immediate and long-term measures are being taken to curb inflation.
Bashir Uddin assured that the government is aware of the public's hardships due to rising prices and said, "Efforts are ongoing to alleviate the burden on the people. Recent steps have already provided some relief to consumers in the case of certain goods. We are hopeful that as supply increases, price stability will be achieved quickly."
When asked whether action would be taken against market syndicates, he said, "A handful of people may be involved in these so-called syndicates. The solution lies in removing barriers to trade and involving more people in this [essential goods] business."
"I urge the business community to join these ventures in greater numbers and foster a more competitive environment," the adviser added.
