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New wing on cards to boost foreign trade

JASIM UDDIN KHAN
In a bid to boost country's international trade negotiation capacity, the government is planning to create a new wing -- directorate of foreign trade -- under the commerce ministry.
The government is also planning to abolish the office of the Chief Controller of Export and Import and shift the responsibilities to the new wing to guide and monitor the country's export and import directly, a high official of the ministry of commerce told The Daily Star yesterday.
The ministry has long been planning to formulate a separate wing to deal with international trade
and bring foreign trade affairs under a single branch, said the ministry source.
In the aftermath of continuous rise in international trade deficit, the ministry also plans to strengthen the country's export capacity through the new wing, sources added.
The directorate will also work to create new market for local products, he said.
The World Trade Organisation cell, Bangladesh Foreign Trade Institute, Directorate of Insurance and registrar of the joint stock companies are expected to be incorporated in the directorate.
The ministry has already prepared a proposal, which is likely to
be tabled before the Commerce Minister Altaf Hossain Choudhury soon for his approval.
The ministry also corresponded with the Bangladesh missions in Saarc countries for further information about the structure of such institution in those countries.
Meanwhile, the commerce ministry has sent a proposal to the Ministry of Establishment to refurbish the trade cadre for the recruitment of new officers. The ministry in its proposal suggested appointing trade cadre officials to different missions abroad to strengthen trade relations.
At present, 56 trade cadres are in operation under the commerce
ministry but the ministry proposed to raise it to 114 by next year.
Besides, the government is facing crisis in dealing with bilateral and multilateral trade negotiations due to scarcity of necessary manpower and expertise, he added.
The official said the plan takes a rapid form as the country's international trade deficit is skyrocketing day by day.
The import-export trade imbalance stood at Tk 21,909 crore during July-April period of FY2004-05. The country's export earning was Tk 42,463 crore against the import worth Tk 64,372 crore during the period, official sources added.