Govt to turn BFTI into strong national trade think tank: Minister Muktadir

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The government will transform the Bangladesh Foreign Trade Institute (BFTI) into a strong national think tank focusing on international trade, trade law, economic research and skills development, Commerce Minister Khandaker Abdul Muktadir said on Tuesday.

He made the remarks while chairing the 63rd meeting of the BFTI Board of Directors at the institute's conference room.

The minister stressed the need for in-depth research on the global trading system, international markets and economic developments to safeguard the country's future commercial interests.

He said BFTI is being strengthened under a new plan, adding, “We have no shortage of the necessary funding, what was needed was long-term direction. That work has now begun.”

Muktadir said the institute would help develop skilled professionals capable of interpreting international trade agreements, rules and legal provisions.

BFTI will regularly research market conditions, trade trends, potential risks and economic changes in major economies, including China, India, the United States, Canada and the European Union. The findings are expected to support government policymaking and private-sector decisions.

The minister said international-standard training on trade, trade law and economic policy would be introduced for government officials and private-sector representatives in collaboration with renowned universities worldwide. A network of trade law experts from the public and private sectors will also be formed.

The meeting approved the appointment of Mostafa Abid Khan as BFTI's new Chief Executive Officer.

It was also informed that the Bangladesh Trade and Tariff Commission (BTTC) is conducting research on trade policy, export diversification, anti-dumping, countervailing and safeguard measures, and opportunities to expand Bangladesh's leather export markets.

Research is also under way for the Bangladesh Competition Commission (BCC) on the country's air ticketing market, while training on trade policy review, RJSC registration and returns filing, and tax, VAT, customs and import-export procedures is continuing.

The meeting noted that BFTI, in collaboration with BRAC University, has taken steps to launch a Post Graduate Diploma (PGD) in International Trade and Business.

BFTI is also expanding its research and capacity-building activities through partnerships with UNDP, SANEM and the Institute of Economic Reporters' Forum (IERF).