Govt to strengthen monitoring to keep prices stable: Faruk

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FE Report
The government is expected to implement the consumer rights protection act before the upcoming Ramadan to weather the existing instability in the essential commodities' market and keep the prices within the reach of the common people during the fasting month, the commerce minister said Thursday.
"There is some instability in the market of essential commodities, particularly due to fluctuating prices of pulse and edible oil. But it will be removed if the Act is implemented effectively," Muhammad Faruk Khan told reporters after attending the 'National Conference on Consumer Protection in Bangladesh: Issues and Challenges' at a city hotel.
The minister also assured that the government would strengthen the monitoring system to keep the prices of consumer goods stable.
Bangladesh Quality Support Programme (BQSP), funded by United Nations Industrial Development Organisation (UNIDO), organised the conference in cooperation with the Government of Bangladesh and Consumer Association of Bangladesh (CAB).
At the conference, Faruk Khan said: "We have to formulate rules and regulations to implement the Act."
He informed that the process to form the 'National Consumer Protection Rights Council' under the recently passed Act was on.
"We are also working on strengthening Bangladesh Standardisation Testing Organisation (BSTI) so that it can provide product standard reports quickly," he said urging the officials of testing authority to expedite the testing process when any sample is sent to them.
Ambassador of the European Commission (EC) to Bangladesh Dr. Stefan Frowein said: "Consumer protection can work to the advantage of both business and the wider community. The Act is a landmark in the progress towards greater recognition of the right of consumers."
He said since 2006, the EC, according to an agreement with Bangladesh, has been helping to raise awareness about consumers' rights, improved market surveillance and the use of various means to help consumers who are not satisfied with products and services they have purchased.
"Consumer protection issue has been taken seriously in Bangladesh. It has opened up a new era", said David Holbourne, chief technical adviser of BQSP.
Bangladesh Bank Governor Dr Atiur Rahman in his keynote presentation said consumer protection is essential for any country.
He termed the approval of the 'Consumer Protection Act' by the present government a landmark and said: "Consumer protection law does not undermine business but rather promotes free and fair business practices. It prevents unfair business practices and safeguards consumer rights."
"It will ensure that the consumers are not cheated. It will, if properly implemented, cut anti-competitive business practices and monopoly," the governor added.
"Socially responsible businesses are needed is this globalised world," said Atiur, who himself is a long-time advocate of consumer rights movement in Bangladesh.
The noted economist said: "Free flow of information is crucial in protecting consumer rights. It will be difficult for the syndicates engaged in essential commodities trading to manipulate market prices if flow of information is hindered."
He thinks the role of the civil society organisations is also important in this regard as they can represent the views of the consumers. "Consumers' active participation in formulating policy and reforms is needed to ensure rights of consumers."
"The living standard of people will reach to new heights if product quality improves."
CAB President Borhan Ahmed, who presided over the conference, demanded the immediate implementation of the law. He also urged the government to set up a consumer ministry, which will look after the country's 150 million consumers.
A total of nine local and overseas consumer experts presented articles in the technical session of the daylong conference which was attended by representatives from government and non-government organisations, academicians and consumer rights protection activists.