Commerce Minister Tipu Munshi
TCB to start selling edible oil, other commodities from mid-May
The Trading Corporation of Bangladesh (TCB) will start open market sale (OMS) of some essential commodities including edible oil from mid of May in Dhaka and other divisional cities.
The ministry is working to re-fix the prices of essentials including edible as their prices have gone up on the global market, said an additional secretary to the Commerce Ministry.
Also read: Govt approves fresh hike in edible oil price effective Friday
Primarily the TCB will engage 400 trucks for OMS after fixing the prices of commodities, he said.
In the month of Ramadan, the TCB sold soybean oil at Tk110 per liter, but the price of soybean and other edible oil jumped bothon local and global markets, so it is needed to re-fix the prices of TCB’s edible oil and other commodities, the official said.
Commerce Minister Tipu Munshi will brief reports on edible oil supply and management issue at his secretariat office on Monday, senior information officer of the ministry Abdul Latif Bakshi told UNB on Sunday.
Also read: Around 23 million litre soybean oil arrives at Chittagong port amid growing demand
Besides, Tipu Munshi will talk formally with the traders, edible oil importers and refiners regarding the current situation of edible oil price and supply in the market.
Tipu discusses border trade with Mizoram Minister
Commerce Minister Tipu Munshi has discussed promotion of border trade with R. Lalthangliana, Mizoram minister of commerce and industries during his recent visit to the neighbouring Indian state.
At the meeting on Saturday, Lalthangliana asked Bangladesh to convey formal approval for setting up of Border Haat at Silsury (India) – Sajek (Bangladesh) after careful examination of its viability.
Also read: Tipu Munshi meets West Bengal CM Mamata in Kolkata
In order to synchronize efforts to formalize trade on both sides, the Mizoram government proposed to Bangladesh to explore possibility and viability of setting up of matching infrastructure in the form of ICP at Thegamukh, adjacent to the ICP being developed at Kawrpuichhuah.
Upon receipt of written request from the Mizoram state government, this proposal will be forwarded to the relevant ministry, said a commerce ministry press release.
The Mizoram government also proposed that Bangladesh considers the possibility of constructing a 17-km road from Chhota Horin to Thegamukh in order to upgrade connectivity and a request in this regard will be sent to the ministry concerned.
Besides, Khawthlangtuipui (Karnaphuli) river may be included in one of the routes on India – Bangladesh Protocol on Inland Water Transit and Trade, proposed Mizoram.
The efforts will be made from the government of Mizoram to expedite the work on the proposed 660m River Bridge that connects the two countries across the river Khawtlangtuipui or Karnaphuli, said the minister of Mizoram.
"The relevant ministry of Bangladesh may communicate, upon receiving communication from the Ministry of Commerce, its position regarding the construction of such bridge."
Also read: Tipu comes under fire in Parliament for price hike of essentials
It will be an endeavor of both sides to capitalize on the potentiality of a thriving border trade regime through establishment of critical trade infrastructure at viable locations, said the release.
Earlier on April 19, Tipu Munshi met Chief Minister (CM) of West Bengal Mamata Banerjee in Kolkata and discussed the issues of common interest in the area of trade and investment.
The commerce minister led the Bangladesh delegation at the two-day business event ‘Bengal Global Business Summit’.
Tipu comes under fire in Parliament for price hike of essentials
Commerce Minister Tipu Munshi came under fire in parliament on Tuesday from opposition lawmakers for what they said his failure to check the soaring prices of essential commodities.
Participating in discussion on the Trade Organisation Bills-2022 members from Jatiya Party and BNP also blasted the government for its failure to take effective measures to keep the price of daily necessities under control
They said although the commerce minister is an experienced businessperson, he has failed miserably to control the syndicate that manipulates price of essentials.
Also read: Enough stock of edible oil to keep the price stable: Tipu
Tipu Munshi, however, told the House that the government does not control business anywhere, rather, assists businesspeople.
Pointing to MP’s allegations regarding the government’s failure to control syndicate, the minister said those who are involved in syndicates, are not in politics and they are not MPs.
“The government is trying…The prime minister is constantly following up the matter,” he also said.
A disappointed commerce minister said, MPs always in their speeches in parliament call him a businessman.
“I am in business for 40 years. But I’ve been in politics for the last 56 years. Is it my fault to become a businessman,” he questioned.
Earlier taking part in the discussion on the bill, JP MP Kazi Firoz Rashid said the proposed law was passed in parliament in the interest of syndicate.
“The government is encouraging the syndicate. But it has failed to take effective measures to keep the price of essentials under control.”
Another JP MP Pir Fazlur Rahman said why the commerce minister and his ministry couldn’t control the syndicate from manipulating prices of essentials. That is why the syndicate is raising prices of essentials almost all the time.
He said the minister is an experienced businessman but why couldn’t he control the syndicate?
“You have to accept the truth. The syndicate has increased the price of oil and taken away thousands of crores of taka. But the minister couldn’t take any action.”
The JP MP said, no matter how much the minister is trying to reduce the price by reducing VAT, in fact the prices of daily commodities in the market have not come down that much.
He said that it was reported in the newspaper today (yesterday) that he (Commerce Minister) went to the market yesterday (Monday) and he bought 5 kg of onion at Tk 28 per kg.
“Now, if the minister had gone to the kitchen and other markets of daily essentials with a prior announcement, people could have gone to that markets and bought things at a lower price like the minister.”
TCB to start selling for 10 million families from Mar 20: Minister
The sale of some basic commodities by the state-run Trading Corporation of Bangladesh (TCB) will try to target 1 crore (10 million) low-income families nationwide from March 20 ahead of Ramadan month, said Commerce Minister Tipu Munshi on Friday.
TCB's products will be sold to these families in two phases, the minister told the reporters at a press conference organized by the TCB at the Export Development Bureau's conference room in Dhaka.
Read: Now restaurants may have to run after TCB trucks!
The sale in the first phase will start from March 20-30 and the second phase's sale from April 3-20.
In order to facilitate the sale of TCB's products in a systematic manner, a list of these families has been compiled across the country and special family cards have been distributed, said the minister.
Of these, 12 lakh families in Dhaka North and South City Corporation and 90,000 families in Barisal City Corporation could not be issued the family cards. And so, all of TCB's products will be sold to them through mobile trucks, he added.
Raise awareness about consumers’ rights: Tipu
Commerce Minister Tipu Munshi said on Tuesday called for safeguarding the rights of the consumers.
The minister was addressing as the chief guest at a discussion meeting on 'World Consumer Rights Day-2022' organized by the Directorate of National Consumer Rights Protection at Osmani Memorial Auditorium in the capital.
Read:Price manipulators to face the music: Tipu
“We all are consumers. A businessman is also a consumer. We all have to work to protect the rights of a consumer,” he said.
The government has enacted laws to protect consumer rights and the law is being strictly enforced, Tipu said.
The law enforcement is easier when the consumer is aware, so all consumers have to be aware of their rights, he said.
Read: Bangladesh keen to sign FTA with South Korea, Tipu Munshi tells Ambassador
Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce in the chair, Zakia Sultana, Secretary, Ministry of Industries, Md. Jashim Uddin, President FBCCI, Golam Rahman, president of Consumers Association of Bangladesh, among others spoke in the function.
Strict monitoring to check price hike of commodities during Ramadan: Munshi
Commerce Minister Tipu Munshi has said the government will strengthen monitoring to prevent price hike of commodities during the holy month of Ramadan.
“There is enough stock of essentials in the country. So, there is no reason to increase price of essentials in the name of short supply,” he said.
Tipu Munshi came up with the remarks on Wednesday while addressing an inter- ministerial meeting on stock, supply, import situation and prices of commodities ahead of Ramadan.
Read:Commerce ministry seeks BTTC report before raising edible oil price
The meeting held at the conference room of the Commerce Ministry at the secretariat.
He said the field administration has been asked to take stern action against those who are trying to increase price of commodities creating artificial crisis or hoarding goods illegally.
“The government has taken all possible steps so that people can buy commodities at affordable prices. Everything will be done to protect the interest of producers and consumers. All measures have been taken to keep the stock, supply and price of essential commodities normal,” the commerce minister told reporters.
He said the government will sell sugar, edible oil, lentils, onions and chickpeas among 1 crore people across the country through TCB during Ramadan.
The commerce minister said that the government will not allow sale of loose soybean oil after May 31 and sale of loose palm oil after December 16.
The government has decided that all edible oil will be bottled or packaged and sold at a fixed price to ensure the fair price.
Read: Veggies’ price soars due to untimely rains & intermediaries: Agriculture secy
The Directorate of National Consumer Rights Protection under the Ministry of Commerce and the National Board of Revenue (NBR) have intensified market monitoring, Munshi said.
The meeting was chaired by Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh, Chairperson of the Bangladesh Competition Commission Mofizul Islam, Chairman of the Bangladesh Trade and Tariff Commission (Secretary) Md. Afzal Hossain, member of the National Board of Revenue Masud Sadiq, FBCCI President Jasim Uddin, TCB Chairman Brigadier General Md. Ariful Hasan, Director (Administration) of Directorate of National Consumer Rights Protection Manzoor Mohammad Shahriar, representatives of Ministry of Industries, DGFI, NSI, BGB, among others, were present at the meeting.
It's high time Bangladesh and China sign FTA with investment deal: Speakers
Bangladesh and China should soon sign a comprehensive bilateral Free Trade Agreement (FTA) to boost especially Dhaka’s exports to hugely potential Chinese market, speakers at a discussion said on Wednesday.
Commerce Minister Tipu Munshi who attended the virtual discussion as the chief guest said though there has been some progress towards signing an FTA with China, more efforts are needed to conclude the negotiation and materialize the the FTA.
"I believe this will help Bangladesh to face the LDC graduation challenges," he said.
Speaking as special guest Chinese Ambassador to Bangladesh Li Jiming said it is high time to really consider an FTA combined with an Investment deal between Bangladesh and China.
Read:Bangladesh, Oman keen to expand economic partnership
He pointed out that there is a huge potential for Bangladesh to boost its exports to China.
The discussion titled “Bangladesh-China Economic and Trade Relations in the aftermath of the COVID-19 Global Pandemic” was organized jointly by Economic Reporters’ Forum (ERF) and Bangladesh China Chamber of Commerce & Industry (BCCCI).
Executive Chairman of Bangladesh Investment Development Authority (BIDA) Md. Sirazul Islam and Bangladesh Ambassador to China, Mahbub Uz Zaman also joined it as the special guests.
Eminent Trade Economist Dr. Mohammad Abdur Razzaque presented the keynote paper.
The bilateral trade between the two countries heavily favours China.
Out of around $12.09 billion bilateral trade in FY20, Bangladesh's export to China only accounted for $0.60 billion while imports from China totalled a mammoth $11.49 billion.
Minister Tipu said as part of its unilateral market access schemes for LDCs, China has allowed duty-free access to Bangladesh for 97 per cent of its tariff lines which became effective from July 1, 2020.
Read:Pragmatic talks underway over vaccine procurement, coproduction: Ambassador Li
Under this initiative, 8,256 Bangladeshi products enjoy zero tariff facility for exports in this market. "I strongly believe that by fully utilizing this DFQF facility, the trade imbalance can be reduced in a greater extent."
The commerce minister said Bangladesh gives utmost priority to its relations with neighbouring and regional friendly countries like China while the relationship between the two countries has developed robust based on mutual trust and interests.
Ambassador Li said both the entrepreneurs and businesses of China and Bangladesh suffered from the pandemic as the bilateral trade witnessed a fall of 13.6 per cent in 2020 from the last year.
He, however, termed attainment of Bangladesh's 6.1 per cent GDP growth in the outgoing fiscal year as "very encouraging".
The Chinese Ambassador said although there is a huge trade imbalance, but there would be more exports from Bangladesh to China in the coming days.
Li said he was fully confident that under the Chinese Belt and Road initiative, there would be more areas of cooperation in different fields like in 5G communication, high-speed railway as well as the G to G and PPP initiatives would get momentum in the post pandemic era.
BIDA Executive Chairman Md Sirazul Islam said that the Authority would facilitate and expedite investment from Chinese investors. "We want to see more FDI from China. BIDA is always ready to support Investment promotion and in policy advocacy,"
Read:Big-B Initiative to bring more investment to Bangladesh: Shahriar
He sad it would be a real game changer if Bangladesh could tap the potential Chinese market. "If we can explore even 1% potential of Chinese market, then the exports of Bangladesh to China will total $25 billion."
Ambassador Mahbub Uz Zaman said there is an excellent platform for cooperation between the two countries for further consolidating the bilateral relations.
"Chinese investments to Bangladesh have been playing an important role and have also been contributing towards employment generation" Mahbub said adding that the Chinese investors are looking forward to invest in the special economic zones in Bangladesh.
Dr. Razzaque suggested that Bangladesh increases its RMG exports to China. It can expand cooperation with China in artificial intelligence, robotics, and can set up technological hub with China.
He said that establishing a full-fledged FTA is an option to retain the available market access in China, but it comes with reciprocity.
He said there are estimates to suggest that a comprehensive bilateral FTA would have an overall positive impact on Bangladesh’s exports by 22 per cent of current exports to China.
On the other hand, Chinese exports to Bangladesh could increase by about 16 per cent.
Read:Korea supports strengthening digital investigation capability of Bangladesh Police
Any FTA deal with China should be backed by an investment agreement from which Bangladesh should be able to expand its exports and can keep bilateral trade deficits within reasonable, said Dr Razzaque.
ERF President Sharmeen Rinvy and Joint Secretary General BCCCI, Al Mamun Mridha delivered welcome remarks.
BCCCI President Gazi Golam Murtoza chaired the event while ERF General Secretary, S M Rashidul Islam moderated the function.
Senior Vice President, BCCCI Brig. Gen. Shah Md. Sultan Uddin Iqbal offered the vote of thanks.
Rajapaksa for sharing development experience between Bangladesh, Sri Lanka
Visiting Sri Lankan Prime Minister Mahinda Rajapaksa on Saturday emphasized sharing of development experiences between Bangladesh and Sri Lanka for the socio-economic development of the two countries.
SMEs are lifeline to country's economy: Tipu Munshi
Commerce Minister Tipu Munshi on Wednesday said SMEs are the lifeline to the economy as its contribution to the country's GDP is about 26 percent.
TCB selling onion at Tk 23
The people are heaving a sigh of relief as the price of onion has fallen with the Trading Corporation of Bangladesh (TCB) offering the item at Tk 23 per kg through e-commerce companies.