STAR BUSINESS REPORT

The commerce ministry has started drafting amendments to Pakistan-era essential commodities law, saying the old law is inadequate for monitoring markets.

The law -- Control of Essential Commodities Act, 1956 (East Pakistan Act) -- was broad, and many clauses are now outdated because Bangladesh has created numerous ministries, departments, and organisations since independence, Commerce Secretary Mahbubur Rahman said yesterday.

For example, the old law gave the commerce ministry control over cotton, yarn, biscuits, rayon, and food items. However, over the years, separate ministries, departments, and organisations have taken over the responsibility of regulating and monitoring these markets, he added.

The government has already set up the Bangladesh Competition Commission and the Directorate of National Consumers’ Rights Protection to monitor commodity markets and prices.

Additionally, the ministry plans to update the definition of hoarding of essential commodities to prevent dishonest traders from creating artificial shortages and hiking prices, which harm consumers.

“The ministry is drafting the amendment, and the first inter-ministerial meeting on it was held at the ministry in Dhaka today (Wednesday),” Mahbubur Rahman added.

After the meeting, he said the commerce ministry convened edible oil traders, association leaders, and millers yesterday to discuss soybean oil price fixing.