Politics won't influence trade with India: Salehuddin
Finance Adviser Salehuddin Ahmed assured on Wednesday (November 4) that political considerations will not interfere with trade relations between Bangladesh and India.
He also promised relief in the prices of essential commodities ahead of the upcoming Ramadan.
Speaking to journalists after a meeting of the Advisory Council Committee on Government Purchase at the Secretariat, Salehuddin addressed concerns about market stability and trade policies.
On essential commodity prices
Responding to a question about price volatility, Salehuddin said: "I don’t agree that prices are entirely unstable. They are declining somewhat. Today, we approved the import of rice and lentils—both essential food items. We've made similar approvals previously."
He also noted ongoing efforts to address rising soybean oil prices: "Soybean oil prices have spiked significantly. We’re discussing how to manage imports effectively. Duties on essential items have already been reduced, so we ask for patience."
Trade relations with India
Salehuddin dismissed concerns about political tensions impacting trade with India: "Politics will not enter our commercial dealings with India. We will procure from whoever offers competitive pricing, timely delivery, and quality—whether it’s India, Myanmar, or Vietnam."
When asked about a West Bengal politician's statement opposing exports to Bangladesh, he said: "Our diplomats are handling the matter. India produces surplus rice and onions, and when there’s excess, they need to export somewhere. These decisions are based on economics, not politics."
Addressing market challenges
On issues within the supply chain, Salehuddin highlighted inefficiencies: "The supply chain involves many stakeholders—transportation and market management need attention. Goods must reach consumers promptly; they cannot remain stuck in warehouses."
Regarding the unavailability of five-litre bottles of soybean oil, he acknowledged challenges due to rising global prices but dismissed it as a minor issue.
Tackling syndicates
Salehuddin emphasised the difficulty of breaking market syndicates: "Syndicates don’t operate in just one place. Break one, and another takes control—be it extortion, transport, or political syndicates. Political compromises are particularly tough to address."
Relief during Ramadan
On preparations for Ramadan, he reassured that steps are being taken to stabilise prices: "Yes, there will be relief. Letters of Credit (LCs) for dates have been opened, and shipments are on their way."
He admitted concern over the lack of noticeable impact from tax reductions: "It worries me. We’ve reduced taxes to zero on many items, but the effects aren’t visible yet."
The government’s proactive measures aim to balance trade relations and ease market pressures as Ramadan approaches.
