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Govt mulls ending trade hitches with neighbours bilaterally

Prospect of SAPTA appears gloomy

Star Business Report
The government is actively considering to resolve Its trade problems with the neighbouring countries through bilateral agreements as prospect of the South Asian Preferential Trade Arrangement (SAPTA) appears bleak.
Commerce Minister Mohammad Abdul Jalil yesterday said that the SAARC countries had signed SAPTA to resolve the trade-related problems among them But the agreement Is not functioning due to the on -going tension between Pakistan mid India.
He said Sri Lanka and India have recently signed a bilateral trade agreement. "1 have a copy of the accord and we are currently working on similar agreements to resolve the trade problems."
The minister said this while responding to questions from the members of the Foreign Investors’ Chamber of Commerce and Industry (FICCI) at its lun-
cheon meeting held at a city hotel yesterday.
Earlier. FICCI President Wali Bhuiyan said that the government should come forward with a comprehensive programme for product diversiflca-tioi> evolving necessary incen -fives, policy support and assistmice to the country’s exporters In order to make the exportable Items competitive in the international market.
“Otherwise, it will be impossible for the exporters alone to maintain the status quo. let alone further growth," Bhuiyan said.
He also sought a separate department within the commerce Ministry to handle WTO-related matters and suggested the government to shut flic Office of the Chief Controller of Imports and Exports "as it has become re -dundant under the changed global scenario and the country’s adoption of a free-market
policy."
The commerce minister supported both the suggestions and said that the government was already working on a separate cell within the ministry.
Bhuiyan also said that the government Itself should not get involved In any business activities and needs to support the private sector by framing right policies.
The FICCI president also pointed out that with the port unrest continuing. It would not benefit anyone despite having the best trade policies in place.
"For ail practical purposes. Bangladesh has only one port. This, therefore, is a choke point for the national economy. If the activities at Chittagong Port are disrupted, everyone in the coun-trv gets affected. Therefore, the port problems has to be solved." Bhuiyan said, observing that both the management and the labour force of the Chittagong port were too politicised
The minister said that Bangladesh had Integrated itself into the globalisation pro -cess and by opening up its trade regime. It also came face to face with both serious challenges and enormous opportunities. "We are trying to avail ourselves of the opportunities and face the challenges."
"We seek foreign investors' assistance not only for capac -Ity-bulldlng but also for technology transfers. In the globalisation process, small countries like Bangladesh have been marginalised despite the fact that we are ahead of the other SAARC countries in liberalising our Imports," Jalil said.
"We have already taken steps to protect intellectual property rights and make arrangements for amendment of our copyright law. I hope that the world would appreciate our role in iinple -mentlng the WTO rules," he said.