Bangladesh Foreign Trade Institute (BFTI) will be developed into a strong national think tank for international trade, trade law, economic research and skills development, Commerce Minister Khandaker Abdul Muktadir said on Tuesday.
Speaking as chair of the 63rd meeting of the institute's Board of Directors at the BFTI conference room, the minister said there is no alternative to in-depth research on the global trading system, international markets and economic shifts in order to safeguard the country's future commercial interests.
Reforms underway to turn leather sector into $10b export industry: Muktadir
He said BFTI is being strengthened further under a new plan with this goal in mind. "We have no shortage of the necessary funding, what was needed was long-term direction. That work has now begun.”
The minister said BFTI would play a key role in building a skilled workforce capable of interpreting international trade agreements, rules and legal provisions.
The institute will conduct regular research on market conditions, trade trends, potential risks and economic changes in major global economies, including China, India, the United States, Canada and the European Union, the minister said, adding that such research is expected to support both government policymaking and private sector business decisions.
Outlining plans to launch international-standard training programmes, the minister said specialised 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 skilled network of trade law experts from both public and private sectors will also be formed.”
The meeting approved the appointment of Mostafa Abid Khan as the new Chief Executive Officer of BFTI.
It was also informed that the Bangladesh Trade and Tariff Commission (BTTC) is carrying out several research and training activities to strengthen the country's trade policy and export capacity.
These include a review of existing laws and regulations, a study on the impact of anti-export bias on export diversification, an analysis of challenges related to anti-dumping, countervailing and safeguard measures, and research on opportunities to expand export markets for Bangladesh's leather sector.
Additionally, research is under way for the Bangladesh Competition Commission (BCC) on the competitive landscape of the country's air ticketing market, while training programmes on trade policy review, RJSC registration and returns filing, and tax-VAT-customs and import-export procedures continue.
The meeting further noted that BFTI, in a joint initiative with BRAC University, has taken steps to launch a Post Graduate Diploma (PGD) in International Trade and Business.
In parallel, BFTI is expanding its research and capacity-building activities through partnerships with UNDP, SANEM and the Institute of Economic Reporters' Forum (IERF).