Bangladesh Foreign Trade Institute (BFTI) will be developed as a powerful national think tank specialising in international trade, trade law, economic research, and skill development, Commerce Minister Khandker Abdul Muktadir announced on Tuesday.
Presiding over the 63rd Board of Directors meeting at the BFTI conference room in Dhaka, Muktadir said there is no alternative to in-depth research on the global trade system, international markets, and economic shifts to protect the country’s future commercial interests.
He said BFTI is being strengthened under a new plan to achieve this objective.
“We have no crisis regarding necessary funding; what was required was long-term direction. Work has now begun in that area,” he added. He further said that BFTI would play a vital role in developing skilled manpower for international trade agreements, regulations, and legal interpretations.
The institute will conduct regular research on market conditions, commercial trends, potential risks, and economic changes in major global economies, including China, India, the United States, Canada, and the European Union.
These research findings are intended to assist government policymaking and facilitate business decisions within the private sector.
Highlighting plans for international-standard training, Muktadir said specialised programmes on trade, trade law, and economic policy would be introduced for government officials and private sector representatives in collaboration with world-renowned universities.
Additionally, an expert network of trade law specialists from both the public and private sectors will be established. During the meeting, the board approved the appointment of Mostafa Abid Khan as the new chief executive officer of BFTI.
The meeting was informed that Bangladesh Trade and Tariff Commission (BTTC) is currently conducting multiple research and training activities to enhance national trade policy and export capacity.
These include reviews of existing laws and regulations, the impact of anti-export bias on export diversification, challenges related to anti-dumping, countervailing, and safeguard measures, and opportunities for expanding the export market of Bangladesh’s leather sector.
Moreover, research is ongoing for Bangladesh Competition Commission (BCC) regarding the competitive environment of the country’s air ticketing market. Ongoing training programmes also cover trade policy reviews, RJSC registration and return filing, tax-VAT-customs, and import-export procedures.
A joint initiative between BFTI and BRAC University to launch a Post Graduate Diploma (PGD) in International Trade and Business was also highlighted. Partnerships for research and capacity building are being expanded with UNDP, SANEM, and the Institute of Economic Reporters Forum (IERF).
The meeting was attended by the Secretary of the Economic Relations Division Md Shahriar Kader Siddiky, Commerce Secretary Md Ataur Rahman Khan, Vice Chairman of EPB Mohammad Hassan Arif, BFTI Chief Executive Officer (Additional Charge) Saif Uddin Ahmed, and Vice Chairman of the BFTI Board of Directors, Mahbubur Rahman, along with other relevant members.
