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Khosru tags spiral to int'l price hike

STAR REPORT
Commerce Minister Amir Khosru Mahmud Chowdhury says price hike of some essential items on the international market had its knock-on impact on the local market leading to the price spiral.
"In two weeks, onion price increased from $150 million to $200 million in India, one of the major exporting countries," Khosru told The Daily Star yesterday. "Import price of onion from China is even higher because of shipment charge."
"When prices on the international market go up, the commerce ministry has nothing to do," he added. "In fact, rain damaged onion production in btoh India and China, making supply scarce."
Khosru reasoned that when prices are already at a higher level, this even gets balooned when tariff and other charges are added.
The minister said the other essential item that witnessed wild spiral -- soybean oil -- also became dearer on the international market.
"From around $200 to $355 a
Amir Khosru Mahmud Chowdhury tonne, soybean price shot up to $650 today," he said. "Even in India, the current soybean price is 62-68 rupees a litre." Only on September 10, the price was $516 a tonne.
"While soybean price increased 80-85 percent on the international market, the increase was only about 22 percent on the local market," Khosru said. "Isn't it a success of the commerce ministry?"
On vegetable price, he said it is very much linked to the demandsupply. "We had excessive rain which damaged crops and shot up prices," he said. "It is no way possible to control vegetable prices."
"There are also times when the market witnesses harvest glut and tomatoes and other vegetables rot in the field as prices plummet," he pointed out.
Asked what his ministry's role could be in controlling price upswing, he said: "The government has a role to play in keeping prices within the people's purchase limit. We need to have a long-term tariff policy and decide how much we want to earn from import of essential food items. In the process, the interest of the growers must be taken into consideration."
Khosru also said a consumer bureau to research on production, supply, international and retail levels prices, cost and tariff would be set up. At the same time, the Consumer Council, a watchdog, will be set up to monitor market price, weight, hoarding and adulteration.
To a question about his frequent foreign trips, Khosru said the role of a trade minister has now changed.
"He is not only concerned about his own country, but because of bilateral, regional and mulitilateral systems, he will have to travel a lot. Last year, the Thai trade minister
travelled 53 times in 52 weeks. The Canadian trade minister has to stay abroad for 7-8 months. Indian and Pakistani trade ministers are also travelling a lot. This is needed because of globalisation and trade diplomacy."