Trade deals between 2 countries can’t be changed abruptly: Commerce Minister

Speaking regarding the trade agreement signed between Bangladesh and the United States, Commerce Minister Khandakar Abdul Muktadir said that agreements are made between two countries, whereas if an agreement is done between two individuals, it can be altered quickly, but that is not possible in the case of two states. Once two states sign an agreement, it cannot be changed at will.

The commerce minister made these remarks this afternoon, Friday, while responding to journalists’ questions about the agreement with the United States after visiting the District Council Natural Park in the Baishtila area of Sylhet Sadar upazila.

He said agreements contain various clauses. Some clauses favour one side, while others favour the other side. Agreements are made with the aim of creating a win-win situation between the two parties.

The commerce minister then said, “However, if during implementation we find anything that is not favourable to the country’s interests, there is scope within the agreement itself to amend those clauses.”

Responding to a question about inflation, Khandakar Abdul Muktadir said fuel oil prices have increased only slightly compared with other countries. As a result, the impact on product prices would be a one-time spike, one-time increase. Therefore, he said, this would not cause inflation.

According to the commerce minister, the increase in diesel prices should not significantly raise the prices of goods. If anyone charges excessive prices, the government will take action against them.

However, he said, it is not right to raise prices merely based on assumptions that prices may increase.

Khandakar Abdul Muktadir also mentioned that inefficiency in the country’s port management system is increasing transportation costs.

Stating that the capacity of the ports must be enhanced to reduce these costs, the minister told the media that a Danish company has been assigned responsibility for this work. Faster port operations would lower per-unit costs, and the government is taking specific measures in this regard.

Speaking regarding handing over state-owned factories to the private sector, the commerce minister said the government’s job is not to conduct business. Wherever the government engages in business, losses occur because of inefficiency, leading to wastage of public money.

The government wants to hand over all loss-making institutions to private-sector investors so that these mills and factories can be reopened, generate employment and increase revenue collection, he stated.

Speaking about the construction of the Natural Park at Baishtila, the minister said the Zilla Parishad (District Council) owns 43 acres of land in the area. An initiative has been taken to transform it into a tourist attraction. The Natural Park will include a cable car, rope bridges and many other facilities. There will be attractions for both children and adults. The District Council has prepared a master plan for the project, and the government will finance it.

Earlier in the morning, Khandakar Abdul Muqtadir visited the Army Institute of Business Administration (AIBA) in Sylhet. During the visit, he addressed an open discussion session with students at the AIBA auditorium.