United News of Bangladesh

Bangladesh and India have agreed to work towards expanding bilateral trade, Commerce Minister Khandakar Abdul Muktadir said on Monday. “Trade between the two countries has faced various obstacles due to some mutual decisions. Both sides have drawn each other’s attention to reviewing decisions such as the closure of several Indian land ports, border haats and the cancellation of trans-shipment facilities,” he said. The commerce adviser made the remarks while talking to reporters after a meeting with Indian High Commissioner Pranay Verma at his office at the Bangladesh Secretariat. The minister said the high commissioner primarily came as part of a courtesy call to welcome the new government but discussions also covered various aspects of increasing trade between the two countries. Talks included the reopening of some closed land ports, he added. Muktadir said Bangladesh also drew India’s attention to existing restrictions on the export of some products while the Indian side mentioned restarting closed border haats. “There are, in fact, some mutual barriers created by both countries and it is true that these have affected trade relations,” he said the high commissioner would discuss the issues at higher levels in his country while Bangladesh would also raise the matters in the cabinet. Replying to a question, Muktadir said there was no discussion on the future of Indian-funded projects. Asked about the possibility of fuel and food shortages if the Strait of Hormuz is closed due to the Iran war, the minister said shipping costs would rise in that case. “There is no need for immediate concern as the situation could be resolved within a couple of days. If not, the government would take alternative measures and there is currently no shortage of goods in the country, he said.

Commerce Minister Khandaker Abdul Muktadir on Saturday said all outstanding wages and salaries of factory workers must be cleared before the upcoming Eid. He made the remarks while talking to reporters after a view-exchange meeting with administrative officials at Sylhet Circuit House this afternoon. The minister said the government has already sent a letter to the European Union as part of its preparations for free trade agreements to address post-LDC graduation challenges. Decision on US tariffs, trade deal after review: Commerce Minister He added that initiatives will also be taken in phases to sign free trade agreements with Australia, Canada and the United Kingdom. Meanwhile, Expatriates’ Welfare, Labour and Employment adviser Ariful Haque Chowdhury said the government is working to reopen several closed overseas labour markets and positive outcomes are expected within the next month. He also said necessary measures are being taken to ensure timely delivery of passports and police clearance certificates for Bangladeshis intending to go to Spain. Stocks adequate to keep Ramadan market stable: Commerce Minister Water Resources Minister Shaheed Uddin Chowdhury Anne said work is underway on river and canal dredging as well as construction of haor protection embankments ahead of monsoon season. Referring to the government’s zero-tolerance stance against corruption, he said no irregularities would be tolerated in the ongoing works. After the meeting, the minister visited erosion-prone parts of Surma River and Chengar River.

Commerce Minister Khandaker Abdul Muktadir on Wednesday said the government will take a decision on the United States’ reciprocal tariffs and the bilateral trade agreement after reviewing the evolving situation. Talking to reporters after a meeting with business leaders at the Commerce Ministry, the minister said the issue remains under consideration as developments in the US are still unfolding. The remarks came after the Supreme Court of the United States declared the retaliatory tariffs imposed by President Donald Trump illegal, prompting him to announce new global tariffs. Stocks adequate to keep Ramadan market stable: Commerce Minister Muktadir said the US initially declared a 10 percent tariff for all countries, later raising it to 15 percent. However, Bangladesh has yet to receive any official written communication from Washington. “We are hearing announcements through different channels, but nothing has come officially. Under US law, the relevant legal provisions require congressional approval within 150 days. So the scenario is still evolving.” Referring to the trade agreement signed earlier between Bangladesh and the US during the interim government’s tenure, the minister said it is too early to make any definitive comment. “We are examining both the pros and cons of the agreement. It is natural for any deal to have two sides. After a thorough review, we will determine the next course of action,” he said. Bangladesh to seek delay in LDC graduation, says Commerce Minister Responding to a question on whether the agreement was signed hastily or kept confidential, Muktadir said certain non-disclosure agreements were in place during negotiations, describing the deal as a sensitive issue given the importance of the US as a trading partner. “In the current evolving situation, it would not be appropriate to make any unwarranted comments.” About discussions with business leaders, the minister said representatives from various sectors were invited to share their concerns regarding tariffs and the trade agreement. “We discussed sector-specific challenges and other related matters.” Regarding the price situation during Ramadan, the minister said commodities monitored by the Commerce Ministry remain stable in the market. He pointed out that the prices of some vegetables temporarily increased due to bulk buying at the beginning of Ramadan. “At the start of Ramadan, many people purchase a month’s supply at once, and some traders take advantage of the situation. For example, lemons that were selling at Tk 40–50 rose to Tk 120, but later returned to previous levels.” Replying to a question on extortion, the minister said previous governments had made promises to curb the practice without success. “Wait and see. We will deliver through action.” State Minister for Commerce Md Shariful Alam and Commerce Secretary Mahbubur Rahman were, among others, present at the meeting.

Commerce Minister Khandaker Abdul Muktadir on Monday said commodity prices and supply in the capital’s markets remain satisfactory during Ramadan, warning that action will be taken if any irregularities are found. The minister made the remarks after a surprise visit to Mohammadpur Town Hall Kitchen Market in the city, where he inspected shops and spoke to traders and consumers. “The market situation during Ramadan is normal. If any deviation occurs, we will take action,” he told reporters. Stocks adequate to keep Ramadan market stable: Commerce Minister Mentioning that monitoring activities are ongoing, Muktadir said 10 teams from the National Consumer Rights Protection Directorate are conducting daily drives, alongside three additional teams from the ministry. “If anyone tries to create chaos in the market bypassing these monitoring teams, inform us and we will take steps.” Admitting that the prices of lemons and chickpeas had increased at the beginning of Ramadan, the minister said lemons that were selling at Tk 60 per dozen a day before Ramadan had surged to Tk 120, causing public dissatisfaction. “However, during today’s visit, we found that lemon prices have come down to Tk 50-60 per dozen depending on the variety.” Muktadir said controlling the market in a city of around 20 million people like Dhaka requires coordinated efforts and assured that the Commerce Ministry is closely monitoring the situation to prevent a handful of traders from manipulating the market. He said import-based commodities remain stable and there is no shortage in products sold through the Trading Corporation of Bangladesh (TCB). “In fact, the prices of many items are Tk 10-15 lower this Ramadan compared to last year.” Bangladesh to seek delay in LDC graduation, says Commerce Minister Responding to a question about recent obstruction and alleged threats against a magistrate during a consumer rights drive at Moulvibazar in the capital, the minister said a case has already been filed against the trader concerned. “The law will take its own course. The purpose of market drives is not to harass traders but to send a message that they are under government surveillance,” he said. State Minister for Commerce Md Shariful Alam, Commerce Secretary Mahbubur Rahman, Director General of the National Consumer Rights Protection Directorate Farooq Ahmed and Additional Secretary of the ministry IIT Shibir Bicitro Barua were present during the visit. Later, the minister also inspected the capital’s largest wholesale kitchen market at Karwan Bazar and exchanged views with traders and buyers about the overall market situation.

Commerce Minister Tipu Munshi on Thursday said one crore family cards of  state-run Trading Corporation of Bangladesh (TCB) are being converted into smart cards and those will be distributed among the beneficiaries within two to three months. As a result of conversion, transparency would be ensured in distribution  of essentials at subsidized rate and there will be no more inconsistencies, the minister was speaking as the chief guest at the opening ceremony of free distribution of TCB smart card and sale of TCB products including rice to card holders at PWD Colony Auditorium in the city this morning. Rosatom’s ‘Global Atomic Quiz’ Friday He said keeping in mind the poor and helpless people who live below the poverty line, Prime Minister Sheikh Hasina decided to give one crore family cards for providing daily commodities at lower prices. The government is selling essential commodities at subsidized rate to more people than the actual number of people living below the poverty line in Bangladesh, he added. The Commerce Minister said that the imported eggs and potatoes have started to play a positive effect on the market. Eggs are being sold at a lower price than the price fixed by the government after the arrival of the first consignment in the country, he said. We’re still trying to hold election involving all parties, says Home Minister The prices of potatoes, onions and other vegetables will be normal by the middle of next month, he hoped. Tipu Munshi said that there is no denying that some unscrupulous traders are taking advantage of the prices of eggs, potatoes and onions, resulting in immense sufferings of the people. “We are going through a tough time regarding  inflation due to the global situation. In the meantime, some dishonest traders are taking extra advantage. “No one will be spared if found guilty regardless of political identity,” the commerce minister warned. At least 2-3 children die from pneumonia in Bangladesh every hour: icddr,b Dhaka South City Corporation (DSCC) Mayor Barrister Sheikh Fazle Noor Taposh and Senior Secretary of the Commerce Ministry Tapan Kanti Gosh spoke at the programme as special guests while TCB Chairman Brigadier General Md. Ariful Hasan, DSCC 12 No. ward councilor Mamun Rashid Subro and senior officials of TCB were present on the occasion.

In the face of severe oppostion criticism in parliament for his alleged failure to control price hike of the essential commodities Commerce Minister Tipu Munshi on Monday offered to resign if  the prime minister gives the responsibility of running the ministry to one of the opposition MPs. Gonoforum MP Mokabbir Khan fired the first shot against Tipu Munshi during the discussion on proposed  cut motion on the Ministry of Commerce in the budget for FY2023-24. Jatiya Party MPs also criticised the commerce minister for the rising prices of daily products. They also raised the question whether the 'business' minister, Tipu Munshi, is involved with the market syndicate or not. Cow rawhide price increases by 6 percent this year: Tipu Munshi Rustam Ali Faraji of Jatiya Party said in the discussion on the retrenchment proposal, what does the monitoring cell of the ministry do?  “Such a big ministry. If the minister does not have dynamism then the price will increase. If only one person works and everyone sleeps, then the country will not run. Market syndicates should be broken up. It is certainly possible if desired. But if you think the business belongs to me then it is sad for the country and its people.” Jatiya Party's Shamim Haider Patwari said that even though the commodity prices have decreased in global markets in the last few months, it is not affecting the country.  Avoid excessive buying to keep markets stable: Commerce Minister “Inflation in Bangladesh was 6 percent now it seems to be 10 percent. It is growing. Inflation is eating away people's income. Due to inflation, soap, bread are all getting smaller," he said. He mentioned that making the government budget and household budget are not the same thing.  He said that the budget of the government is decreasing and due to this rice, pulses, oil, chicken size and meat pitches are getting smaller.  “The economy of Bangladesh is trapped in a vicious cycle of inflation. The government should take steps to overcome this," he said. “There are syndicates. There is no doubt about it. That syndicates are powerful. But are they stronger than the government? I don't think they can be stronger than the government. If there is a syndicate within the government, it must be identified," he said. Bangladesh allows green chilli import as price keeps rising He said that the minister has a vast business.  “He is a successful businessman. I believe that if he is given the freedom to act, then he can definitely control it," said he. Gonoforum MP Mokabbir Khan said that the most unsuccessful ministry of the current government is the Ministry of Commerce.  “When you go to the market, you hear from people that the Ministry of Commerce is so unsuccessful that people call it a syndicate friendly ministry.” With higher spice prices, consumers feeling the pinch this Eid-ul-Azha Alleging the involvement of a syndicate of traders to increase the price of goods, Mokabbir said that many people said that the commerce minister was involved. “Why don't you resign after all this?” Mokabbir asked the the commerce minister. Mokabbir said that when the commerce minister says that the price of a product will decrease, the price of that product increases the next day.  He said that he knows that the minister will not give any answer. Spice prices soar in Faridpur ahead of Eid-ul-Azha Jatiya Party Member of Parliament Roshan Ara Mannan said that people get upset when they go to the market.  “The Ministry of Commerce is not monitoring the market properly. The commerce minister is a freedom fighter. Why can't he control the market ?” Jatiya Party lawmaker Pir Fazlur Rahman said that the minister of state for industries said that people cry when they go to market, and the only reason is the syndicate. “People also understand this. The Russia-Ukraine war alone should not be blamed for the rise in commodity prices. The syndicate has looted thousands of rupees in the egg market. Chicken eggs do not come from Ukraine.” Forex reserves likely to increase due to govt steps: PM Hasina tells Parliament He said that the commerce minister has said that some traders are taking advantage of the product prices.  “Our commerce minister can not arrest the syndicate people who raise prices. He himself is a businessman. He knows which businessmen are doing it. So are these businessmen close to him, which is why he can't catch the syndicate businessmen?” He demanded that the commerce minister should say publicly why he is not able to do that. Pir Fazlu said that Tk 1500 crore has been looted in the onion market.  “A few companies are looting Tk 17 crore daily in the sugar market. Thousands of crores of taka has been looted in boiler chicken market in a month and a half. The commerce minister can't do anything.” Tipu Munshi said that it is possible to take actions against the market syndicate including jail and fine.  “There is talk of syndicate. It's just that big groups do a lot of business together. We need to focus - we jailed, fined. That might be possible. But it will be difficult for us to bear the sudden crisis. That's why we try to stay within the rules through discussion,” he said. Referring to his involvement in politics long before coming to business,  Tipu said, "One thing that comes up time and again is that I am a businessman and businessmen are taking advantage of me. I don't know how many years of experience they have in politics. But I have been in politics for 56 years. I have been in business for 40/42 years now.” Responding to Mokabbir's demand, the minister said, "Someone here asked me to resign. I will tell the honorable prime minister that if he (Mokabbir) takes responsibility, she can relieve me and give the responsibility to him. I have no problem.” Tipu said that the price has increased and the prime minister repeatedly says that people are suffering.  He mentioned that the global situation has affected the country, not the internal causes. “we have to take that into consideration." Talking about the onion price, the minister said, there is no doubt that the price has increased. Onions have been mentioned. We discussed with the Ministry of Agriculture and decided that farmers should get a price that encourages them to grow.  He mentioned that in onion, the country has a shortfall of 6 to 7 lakh tonnes every year.  “Farmers will focus on production if the price is better. By this step our deficit is reduced by half. But it should not be exactly Tk 80 to 90 per kg. That is why we have arranged the import," he said  He said that the government did not want to import onion for ensuring fair price to the local farmers.  “But we imported on the instructions of the prime minister. Imported Indian onions are now Tk 40/45 per kg. Today, the price of our desi onion is Tk 65. I think it should be reduced further. we are trying. Within 10/15 days it will come to within Tk 50 a kg” The minister said that everything is not fixed by the Ministry of Commerce.  “I am still taking responsibility and we are trying our best to do what we can," he stated. Regarding sugar price surge, he said  he has requested the prime minister to reduce the duty structure to bring down the price within Tk 100 a kg.    

This year's Ramadan is still a couple of days away, but a segment of traders already appears eager to increase profit margins by raising the prices of different commodities. The government of Bangladesh however claims to be on to them, and has taken various initiatives to keep the market stable during the holy month. Prime Minister Sheikh Hasina has directed officials to increase surveillance across the country so that dishonest businessmen cannot make excessive profits. She particularly instructed the field-level administration to be on alert. The Commerce Ministry has said it will keep an eye on the traders so they cannot destabilize the market by creating any artificial crisis.  Even detectives from the law enforcement agencies under the Home Ministry have been instructed to keep their eyes open so that unscrupulous syndicates do not create an artificial crisis in Ramadan. Read: Dates, fruits to be more costly during Ramadan due to LC opening crisis In the past, it was noticed that traders increased the prices of goods several times before the start of market supervision ahead of Ramadan. Just before Ramadan, the demand for items like edible oil, sugar, pulses, chickpeas, spices, and so on increases. Traders take this opportunity and raise the prices of in-demand items. It is no different this time. “Ramadan is a few days away. Like last year, I have bought sugar, pulses, and chickpeas at a much higher price. Every year the same thing happens. There is also an upswing in the vegetable market,” Wahid Fakir, a resident of Bhatara New Market, told UNB. The prices of sugar, oil, ginger, onion, and other essential goods have all increased in the last week. Vegetables, fish, and meat prices are also going up. Although there is also no shortage of edible oil in the market, daily essentials are selling at an increased price rate every week. "This year we are already on alert from before. No one will be spared, if there is an artificial crisis in the market. We, the local administration, including the law enforcement agencies, and consumer rights protection directorate, will continue to monitor the market with mobile courts,” Commerce Minister Tipu Munshi told UNB. Read: People forced to return home with bags half full due to higher prices of chicken, meat, fish “As preparation for Ramadan, I have had meetings with businessmen one to two months ago. That's when we asked them to increase imports. In particular, instructions have been given so that the banks open the LCs quickly for the import of food products,” he said. “The government has taken all kinds of necessary initiatives to keep the prices of goods under control during Ramadan. We have warned the traders about the preparations in advance this year. Controlling commodity prices was a challenging affair at this time of global crisis and rise in dollar rate,” he also said. “Despite this, dollars have been provided for import of all food products commonly used in Ramadan. Besides, the ministry has requested the NBR to reduce the duty and VAT to reduce the prices of commodities like sugar and edible oil,” said the minister. “In addition, we are taking several other programmes to control the prices of goods during Ramadan. Apart from the family card allocated for 1 crore families, sugar and chickpeas will be sold in truck-sales in Dhaka and divisional cities. NBR has also extended the time for import of rice by three more months." “Hopefully, the prices of goods will be stable during Ramadan. The government's preparation in this regard is good enough,” added Tipu Munshi. Read More: Have enough stock, no scope of price hike during Ramadan: Tipu Asked about the role of law enforcement agencies in keeping the market stable during Ramadan, Home Minister Asaduzzaman Khan said, "The law enforcement agencies have been instructed to prevent the rise in the prices of goods.” “Detectives have already been instructed to keep an eye so that unscrupulous syndicates do not create any artificial crisis around Ramadan and make the market unstable. Several strict steps have been taken, including conducting mobile courts, to control the prices of consumer goods by suppressing syndicates,” he said. “Various strategies are being formulated to prevent artificial crises in the market and to take action against those who stockpile goods. Along with the police, the law enforcement agencies and consumer rights department, including RAB, will be active in the field, the intelligence surveillance will also be increased,” he also said. Cabinet Secretary Mahbub Hossain said, “If there is an abnormal situation in the market, we can enforce the law. Every deputy commissioner has been told about this. They will monitor it very strictly. We will also monitor from here.” Read More: Make marginal profit in Ramadan, Munshi urges businessmen

Commerce Minister Tipu Munshi has said the government has enough stock of daily commodities and there is no scope of hike in their prices during the holy month of Ramadan. "We've got sufficient oil, sugar, chickpeas, and other essential commodities in stock. There’s no scope to increase prices,” he told reporters after a meeting of Task Force committee on commodity prices and market monitoring at the commerce ministry on Sunday. He said the government has taken all necessary measures to keep the prices of essential goods under control during Ramadan. Also Read: Dates, fruits to be more costly during Ramadan due to LC opening crisis The minister said the government is working to keep the prices of eggplant, cucumber, lemon, and chicken under control during the holy month. “Meetings at various levels have been held in the past 15 days to keep the prices of Ramadan goods under control,” he said. He also mentioned strict vigilance has been ensured to prevent extortion during the transportation of these products. Also Read: If people don’t buy in excess, there will be no price hike of essentials ahead of Ramadan: Tipu Munshi “No extortion will be tolerated on roads and highways during Ramadan,” he said. He also said onion price is now at tolerable level and imports have been slowed down a little bit to give farmers a fair price. Also Read: During holy Ramadan, some profit-mongers hike prices and cause public sufferings: PM He said that the market will be closely monitored during Ramadan. “Some may attempt to take advantage of the situation. Anyone who will try to take advantage will face consequences,” he added.      

Commerce Minister Tipu Munshi has suggested people not buy excessive amounts during Ramadan for the sake of keeping the markets stable. The minister said there is enough stock of essential goods to meet the demand during the holy month of Ramadan, so people should not worry and buy more goods, which will disrupt supply lines. The commerce minister said this while addressing a press briefing in the conference room of the Export Promotion Bureau (EPB) on Tuesday evening. The Directorate of National Consumer Rights Protection (DNCRP) organized the press conference on the occasion of World Consumer Rights Day-2023 on Wednesday (March 15). Also Read: If people don’t buy in excess, there will be no price hike of essentials ahead of Ramadan: Tipu Munshi The commerce minister said that strict legal action will be taken against the culprits if illegal stockpiling is attempted to artificially create a shortage of any product. Already, surveillance and monitoring have been strengthened in the market and the minister sought the media’s responsible role to maintain market monitoring. “Protecting consumer rights will be easier if we work together. The government is trying hard to keep the prices of the country's essential commodities at a reasonable level,” Munshi said. Tapan Kanti Ghosh, Senior Secretary of the Commerce Ministry, DG of DNCRP AHM Shafiquzzaman, and Additional Secretary (Export) of Abdur Rahim, among others, were present at the press conference. Tipu Munshi will be present as the chief guest in the event organized by the Commerce Ministry and DNCRP on the occasion of the celebration of "World Consumer Rights Day-2023" at the Bangabandhu International Conference Center on Wednesday.  

Commerce Minister Tipu Munshi on Thursday said the commerce minister of Saudi Arabia will join ‘Bangladesh Business Summit-2023’ organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in March this year on the occasion of its 50th  anniversary. Saudi ambassador to Dhaka Essa Yousef Essa Alduhailan confirmed it with the commerce minister Tipu Munshi during a views exchange meeting at Bangladesh Secretariat  on Thursday. The Ambassador of Saudi Arabia said that Bangladesh is a friendly country of Saudi Arabia. The fraternal and commercial relations with Bangladesh are long-standing. “Saudi Arabia is a development partner of Bangladesh. Saudi Arabia gives more importance to Bangladesh in terms of investment and trade,” he said. Minister of Commerce of Saudi Arabia Majid bin Abdullah Al Qasabi along with a large delegation will join the business summit. Bangladesh Business Summit 2023, scheduled for March 11-13, 2023, is an international trade and investment promotion event. Prime Minister Sheikh Hasina will inaugurate the event. In the meeting, Tipu Munshi said that Saudi Arabia is a very good friend and brotherly nation of Bangladesh. He urged more Saudi investment and better bilateral trade. Senior officials of the commerce ministry and the Saudi Embassy in Dhaka were present at the meeting. Read more: Bangladesh, China can benefit from better coordination: FBCCI