BFTI to be developed into national trade think tank: Commerce minister
The Bangladesh Foreign Trade Institute (BFTI) will be transformed into a leading national think tank for international trade, trade law, economic research and skills development, Commerce Minister Khandaker Abdul Muktadir said on Tuesday.
Chairing the 63rd meeting of the institute's Board of Directors at the BFTI conference room, the minister said Bangladesh must strengthen research on the global trading system, international markets and shifting economic trends to safeguard its long-term commercial interests.
He said the government has adopted a new roadmap to strengthen the institute.
"We have no shortage of the necessary funding. What was needed was long-term direction, and that work has now begun," he said.
The minister said BFTI would play a key role in developing a skilled workforce capable of interpreting international trade agreements, rules and legal frameworks.
He said the institute would conduct regular research on market conditions, trade trends, emerging risks and economic developments in major economies, including China, India, the United States, Canada and the European Union, to support both government policymaking and private sector decision-making.
Muktadir also announced plans to introduce internationally recognised training programmes on trade, trade law and economic policy in collaboration with leading universities worldwide. He said a network of trade law experts from both the public and private sectors would also be established.
The board approved the appointment of Mostafa Abid Khan as the new Chief Executive Officer of BFTI.
The meeting was also informed that the Bangladesh Trade and Tariff Commission (BTTC) is undertaking several research and training initiatives aimed at strengthening the country's trade policy and export competitiveness.
These include a review of existing trade-related laws and regulations, a study on the impact of anti-export bias on export diversification, analyses of anti-dumping, countervailing and safeguard measures, and research into expanding export opportunities for Bangladesh's leather sector.
In addition, the Bangladesh Competition Commission (BCC) has commissioned BFTI to conduct a study on competition in the country's air ticketing market. The institute is also continuing training programmes on trade policy reviews, RJSC registration and returns filing, and tax, VAT, customs and import-export procedures.
The board further noted that BFTI, in collaboration with BRAC University, is preparing to launch a Postgraduate Diploma (PGD) in International Trade and Business.
The institute is also 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).