No issue with any country in trade: Bashiruddin
Commerce Adviser Sheikh Bashiruddin on Wednesday said to ensure a stable balance of supply and demand, Bangladesh must adopt liberal trade policies and foster collaboration with global partners.
"India, Pakistan, or China are not issues for us in trade. We aim to connect with everyone," said the adviser while inaugurating the sale of potatoes and other essential products at Karwan Bazar in Dhaka on Wednesday.
Open trade policy and market challenges
Bashiruddin emphasised the importance of liberal measures to stabilize the domestic market amidst global trade dynamics.
“The syndicates in local markets, if unchecked, can also pose challenges for importing goods at the national level. However, our relationships with other countries remain free of political or commercial tensions,” he explained.
Addressing queries about trade relations with India amidst the current political climate, the adviser reassured, “There’s no tension with India in terms of trade. Essential commodities like rice, potatoes, and eggs are being imported regularly.”
Steps to stabilise inflation and market supply
Bashiruddin highlighted efforts to control inflation by improving supply systems.
"We’re working tirelessly to enhance the production, import, and storage mechanisms for essential goods. This is especially crucial with Ramadan approaching. Relevant stakeholders are committed to maintaining stable supply and prices," he said.
Immediate measures include selling potatoes at subsidised prices through the Trading Corporation of Bangladesh (TCB) and allowing potato imports.
Long-term actions include reducing import duties on essential items like dates, sugar, soybean oil, and eggs. “While these reductions may cause significant revenue losses, our priority is price stability,” Bashiruddin noted.
Relief measures for consumers
In collaboration with the TCB, subsidised essential goods are being distributed to over one crore low-income families holding beneficiary cards. Additionally, general consumers in Dhaka and Chattogram can purchase products at reduced rates through TCB trucks stationed in 70 locations.
At these mobile shops, a consumer can buy: Maximal 2 litres of edible oil at Tk 100 per litre, maximum 2 kilogram lentils at Tk 60 per kg, maximum 5 kilograms of rice at Tk 30 per kg, and maximum 3 kgs of potatos at Tk 40 per kg.
Tackling market syndicates
On addressing market syndicates, Bashiruddin remarked, “These may involve a small group of individuals. The solution lies in removing trade barriers and encouraging more people to participate in these businesses. Greater competition will naturally stabilise the market.”
He urged the business community to step forward and contribute to a more competitive and fair trade system.
With these proactive steps, Bashiruddin expressed optimism about easing consumer hardships. “We are fully committed to reducing prices and ensuring stability in the market. The results are already visible in some areas, and we’re confident of further improvements,” he concluded.
