Commerce Minister Khandaker Abdul Mukadir on Tuesday said the government plans to transform the Bangladesh Foreign Trade Institute (BFTI) into a national think tank on international trade, trade law, economic research and capacity building to help safeguard the country’s long-term commercial interests.
Speaking at the 63rd meeting of the BFTI Board of Directors at the institute’s conference room in the capital, Muktadir said Bangladesh needs stronger research on the global trading system, international markets and changing economic dynamics to formulate effective trade policies.
“There is no shortage of funding. What was needed was long-term direction, and work has now begun in that area,” the minister said.
He said BFTI would be strengthened to conduct regular research on major global markets, including China, India, the United States, Canada and the European Union, focusing on trade trends, market conditions, potential risks and economic developments.
The findings would support government policymaking and help the private sector make informed business decisions, he added.
Muktadir said BFTI would also play a key role in developing skilled professionals in international trade agreements, trade regulations and trade law.
As part of its capacity-building initiatives, the institute plans to introduce specialised training programmes on trade, trade law and economic policy for government officials and private sector representatives in collaboration with leading international universities.
It will also establish a network of trade law experts from both the public and private sectors to strengthen Bangladesh’s capacity in international trade negotiations and dispute settlement.
The board approved the appointment of Dr Mostafa Abid Khan as the new Chief Executive Officer of BFTI.
Officials at the meeting said the institute is currently carrying out a number of research and training programmes to strengthen Bangladesh’s trade policy and export competitiveness.
The ongoing studies include reviews of existing trade-related laws and regulations, the impact of anti-export bias on export diversification, challenges relating to anti-dumping, countervailing and safeguard measures, and opportunities to expand export markets for Bangladesh’s leather sector.
BFTI is also conducting research for the Bangladesh Competition Commission on competition in the country’s air ticketing market.
The institute continues to offer training on trade policy, company registration and return filing under the Registrar of Joint Stock Companies and Firms (RJSC), as well as taxation, VAT, customs procedures and import-export regulations.
Officials also informed the meeting that BFTI, in collaboration with BRAC University, is planning to introduce a Postgraduate Diploma in International Trade and Business.
The institute is further expanding its research and capacity-building activities through partnerships with the United Nations Development Programme (UNDP), the South Asian Network on Economic Modeling (SANEM) and the Institute of Economic Reporters’ Forum (IERF).
The meeting was attended by Economic Relations Division Secretary Md Shahriar Kader Siddiky, Commerce Secretary Md Ataur Rahman Khan, Export Promotion Bureau Vice-Chairman Mohammad Hasan Arif, acting BFTI Chief Executive Officer Dr Saif Uddin Ahmed, BFTI Vice-Chairman Mahbubur Rahman and other board members.