BFTI assigned to research on commodity market

A view of a vegetables market in Dhaka. BFTI has been assigned to carry out research work on basic commodities. Photo: STAR

The government has vested the responsibility of a research work on basic commodity market upon the Bangladesh Foreign Trade Institute to prepare an effective market intervention guideline.
Commerce Minister Faruk Khan made this announcement at a press briefing at the institute in Dhaka yesterday.
"It's an additional responsibility for the BFTI to make research on basic commodities in order to forecast the market situation, besides handling the external trade," Khan said.
The BFTI, which is funded by European Commission, will have to submit four forecast reports a year; one in three months, the second in six months, the third in nine months and the last one will be on 12-month basis.
"The supply of goods will be at par with the market demand, but we will take actions on the basis of the BFTI forecast reports," the minister said.
He made an assurance that he would extend all out cooperation for strengthening the BFTI to yield the expected results.
The minister made it clear that the institution will continue its routine works on trainings on how to enhance the negotiation skills for foreign trade, negotiation skills at WTO deals and negotiation with other trade organisations.
Khan said as a think-tank on internal and external trades, the BFTI would also work on bilateral trade, especially with neighbouring countries like Myanmar.
He said he will also seek experts' opinions from university teachers for running businesses smoothly and keeping commodity prices at tolerable level.
Khan has been continuing a series of parleys with importers, wholesalers, agents, leaders of the trade bodies for the last few days to disseminate a message for smooth business.
At the briefing, Professor M A Taslim, chief executive officer of the BFTI, said the research team of the institute will start working from April.
“I am very hopeful that the given responsibility could be carried out within the existing set-up and manpower," he said.
He, however, said equipping the BFTI with fresh workforce is underway.
A confident Taslim said the new assignment of research on basic commodities would not hamper the institute's usual activities.