Economic Re-strategy Task Force member Dr Mohammad Abdur Razzaque said, the government should create a Chief Trade Negotiator's Office right now; so that trade policy can be well coordinated at every place.
He said this at a two-day conference on "Recommendations by the Task Force on Re-Strategizing the Economy" organised by Centre for Policy Dialogue (CPD) held at the BRAC Center Inn in Mohakhali on Monday, where prominent economists and policymakers emphasized the need for improved bilateral trade relations and economic reforms.
Professor Rehman Sobhan, Chairman of CPD, delivered the keynote advice, while Commerce Adviser Sheikh Bashir Uddin Ahmed attended as the chief guest.
In his address, Professor Rehman Sobhan highlighted the politicization of the global trading system and urged Bangladesh to establish separate bilateral trade agreements with major economies, including the European Union (EU), the United States, China, and India.
He noted, "Trump can impose a 30 percent tariff on China, but if he makes a political deal elsewhere, he can reduce it to 10 percent. This unpredictability is a challenge we must address." Sobhan cautioned against relying on external trade dynamics, stating, "We are waiting for the US' higher tariffs on China to automatically benefit us, but the game won't be played that way."
Sheikh Bashir Uddin Ahmed, the chief guest, addressed the pervasive criminalization in the economy, citing its detrimental impact on financial stability. He said, "Criminalization has spread across the banking sector and infrastructure projects. To strengthen the economy, we must diversify export products and enhance workers' skills." He emphasized the need to boost exports by increasing labor productivity, reducing production costs, and improving efficiency.
The first session of the conference was chaired by Dr. K. A. S. Murshid, Chairman of the Economic Re-strategy Task Force. Task force members Dr. Selim Raihan and Dr. Mohammad Abdur Razzaque presented keynote papers, outlining strategies for economic restructuring. Dr. Murshid underscored the importance of policy reforms to address structural challenges in the economy.
Other notable participants included BNP Standing Committee member and former Commerce Minister Amir Khasru Mahmud Chowdhury, CPD Distinguished Fellow Dr. Mustafizur Rahman, CPD Executive Director Fahmida Khatun, and BDJobs CEO AKM Fahim Mashroor.
Amir Khasru Mahmud said, "Those who were patronized in the past survived in the market. We have to work on the macro economy as a whole. The country's economy has to be corrected. The economy has to be reset. Equal opportunities for all have to be ensured. The market has to be allowed to run at its own pace. Major deregulation is needed."
Calling for giving control of trade to business organizations, he said, the biggest obstacle to exports and the economy is regulation. Business has been hindered by talking about a free market. The market has to be liberalized. Revenue will come from the private sector. Deregulation has to be done to increase the ease of doing business.
Selim Raihan said, "We have to go beyond garments to labor-intensive industries. We have to go towards skill-based products and services. We have to diversify the garment sector as well. We have to bring coordination between our policies. We see that one policy encourages exports, while another policy hinders exports."
The conference concluded with a consensus on the urgency of implementing the Task Force's recommendations to ensure sustainable economic growth and resilience in the face of global trade uncertainties.
