Proposed BTTC to help diversify export items, improve export-GDP ratio

The proposed Bangladesh Trade and Tariff Commission (BTTC), following its establishment, would help the country diversify its export products and improve the export-GDP ratio, according to a keynote paper of a seminar.

The commission's role would also be vital to facilitate the country's smooth graduation into a developing nation from the category of least developed country (LDC).

The keynote paper titled 'Bangladesh Trade and Tariff Commission and Its Role in the Economic Development of Bangladesh' was presented at a seminar organised by the Institute of Chartered Secretaries of Bangladesh (ICSB) in the capital on Saturday.

BTC Member Mostafa Abid Khan, who is regarded as a trade expert and negotiator, presented the keynote paper.

The existing Bangladesh Tariff Commission (BTC) will be known as BTTC after necessary amendment to the BTC act, a draft of which recently got the cabinet's final nod.

In accordance with the draft, the BTTC will have more authorities, aiming to maximise benefits for Bangladesh from the multilateral trading systems.

The paper said that the commission's due role would also help achieve several Sustainable Development Goals (SDGs).

In addition to the government agencies, Bangladesh's private sector can play an important role for empowering the commission by approaching to it on various trade-related issues, the keynote paper added.

Mentioning various roles of the BTC, it said that changes in the international trade rules and patterns pushed the commission to perform the functions in multiple areas, covering all trade-related issues.

"Functions of the commission have been refined and expanded to reflect the real scenario and made more specific," it said.

Renaming the commission will provide broad ideas of the function carried out by the commission, the paper said, adding that: "Specificity in the functions of the commission will enable private sector as well as various government authorities to approach to it on the issues related to trade and tariff."

BTC Chairman Md Zahir Uddin Ahmed attended the seminar as chief guest. Immediate past president of the ICSB Mohammad Asad Ullah and former Senior Vice President Feroz Iqbal Faruque also spoke on the occasion, among others.

Md Zahir Uddin said that various limitations in the existing BTC act have led the government to bring in necessary changes.

Due to limitation in power, the BTC could not even investigate why other nations impose anti-dumping measures on various Bangladeshi products, he said.

Highlighting the role of the commission, he said: "The present age is the age of trade diplomacy as solely political diplomacy is becoming obsolete."

The ICSB office bearers attending the seminar expressed their interest to sign a memorandum of understanding (MoU) with the BTTC for knowledge sharing.