Dhaka:Commerce Minister Khandakar Abdul Muktadir announced today that adequate supplies of essential commodities are in the import pipeline to meet the demand during the upcoming Holy month of Ramadan, dismissing any concerns about potential shortages in the market.
According to Bangladesh Sangbad Sangstha, Muktadir confirmed that the government does not plan to increase edible oil prices at this time. His remarks came in response to questions from journalists prior to a meeting with importers and traders at the Ministry of Commerce's conference room.
The minister elaborated that the government had reviewed the supply situation for essential commodities such as edible oil, chickpeas, lentils, and sugar, which are largely import-dependent, in anticipation of Ramadan demand. He assured that there would be no shortage of products in the market during Ramadan or the periods before and after the month.
Muktadir also mentioned that fluctuations in international commodity prices and shipping costs have a significant impact on import costs and domestic market prices. In response to inquiries about potential adjustments in edible oil prices, he reiterated that there are currently no plans for price increases before Ramadan.
Furthermore, discussions are ongoing with importers regarding a slight increase in international chickpea prices. The government remains vigilant to ensure uninterrupted supplies and market stability.
Addressing concerns about challenges in opening letters of credit (LCs) for imports, Muktadir stated that no major complaints had been received from traders regarding such issues. However, he assured that any difficulties faced by importers would be discussed with Bangladesh Bank, and necessary measures would be taken.
On the topic of trade expansion, Muktadir noted that formal negotiations have begun on a proposed free trade agreement (FTA) between Bangladesh and Malaysia, with the first round of talks expected to enhance bilateral trade and investment. The government aims to conclude the agreement by December 2027.
The minister also highlighted ongoing discussions on preferential trade cooperation with other key trading partners, including the United Arab Emirates, Indonesia, Oman, New Zealand, and the European Union. Muktadir emphasized that securing duty-free and preferential market access will be crucial for Bangladesh following its graduation from the least developed country category, and free trade agreements would help maintain export competitiveness and strengthen its international market position.