Procure key essentials from int'l market for next one yr

The government has issued an order recently, asking the country's importers to buy key essential commodities in advance for the next one year from the international market under "forward purchase" contract, officials said.
The forward purchase contract is a way of buying something or negotiating a deal today, but delivery will take place at specified future date/s.
A meeting of the taskforce committee has recently decided to ask the country's importers to take necessary steps for forward imports, they added.
According to the decision, the ministry of commerce (MoC) on May 05 issued the order signed by deputy secretary Mohammad Monir Hossain Hawlader.
The MoC said this will ensure an adequate supply of key commodities at cheaper prices in the retail market.
It apprehended that the production, procurement and supply of essentials might be disrupted as a result of Covid-19 pandemic.
It also noted that the importers should arrange such purchases for at least one year.
The MoC said key essential goods will be delivered from the port in phases.
Commerce minister Tipu Munshi at a press briefing held at the secretariat on Thursday said, "There are sufficient stocks and supplies of kitchen staples in the country."
He, however, pointed out the forward purchase agreement.
Secretary of the commerce ministry Md. Jafar Uddin on  Mondaysaid, "We are favouring it to ensure an adequate supply of essential goods at reasonable prices in the country."
He explained that forward contract/purchase means an agreement between importers and exporters concerned for three/six months or more.
"We have taken initiative to keep the markets of essential items stable throughout the year including ongoing coronavirus outbreak," a highofficial of the commerce ministry who also attended the taskforce meeting told the FE.
"We havealready asked the importers concerned to import essential commodities in advance for the next one year under forward contract," he added.
At present, both prices and supplies of various essentials in the country remained stable, he said, adding that the government aims to keep the prices of essentials at cheaper prices to mitigate the people's sufferings.
In the meeting, other necessary steps were taken to stabilise the prices of necessary staples including garlic, sugar, edible oils, onions and other items in the market.
Besides, the ministry had already taken multiple measures to provide aid in the import and export sectors to combat the COVID-19 pandemic.
[email protected]