Tofail hints at formation of regional alliance BCIM

The government would put extra emphasis to enhance regional business connectivity for increasing trade volume among South Asian countries.

"So we are considering forming a new alliance with India, China and Myanmar which may be named "BICM."

Commerce minister Tofail Ahmed said this while talking to a delegation of DCCI which called on him at his ministry conference room on Sunday.

He said, "SAARC and SAFTA trade agreements are not functioning properly. So the new move for BCIM will be more beneficial for the country."

Turning to country's business scenario, he said, restoring confidence among the country's business people would be first priority for the government.

"We have started a new journey and the country's business interests will get priority at each step. We seek your sincere support. Businesses are the main engine for driving the economy. You will take the country's economy forward," Mr Ahmed said.

"Let the economy advance at own pace. Economy and politics should not be mixed for the sake of national interest," he said.

Rebuilding business confidence is an immediate task that needs to be done urgently. Businessmen have started giving attention to their businesses. This means confidence is already growing among the business people, he added.

Regarding the conditions for Generalised System of Preferences (GSP) compliance given by US, he said, "We are about to enter the final stage. So, we hope that we may get back the GSP facility by April this year,' the commerce minister said.

The Dhaka Chamber of Commerce and Industry (DCCI) placed an 11-point demand before the commerce minister to take necessary steps for implementing soon.

The demands include diversification of exports, creation of new markets, enchantment of Export Development Fund (EDF), strengthening activities of foreign missions and restoration of GSP facility from the US, etc.

The Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) leaders wanted cash incentives for what it said "affected local plastic industry." On the other hand, the Handicraft Manufacturing and Exporters Association (Bangla Craft) demanded setting up a research and design centre for the industry.    

Mr Ahmed assured them of addressing the demands to help keep the wheels of the economy moving. "I will sit with the Finance minister soon in this connection," he said.

The newly elected leaders of DCCI led by its president Mohammad Shahjahan Khan met with the commerce minister at his office Sunday. The BPGMEA and the Handicraft Manufacturing and Exporters Association (Bangla Craft) also met the minister latter.

Commerce Secretary Mahbub Ahmed and other officials of the commerce ministry were present on the occasions.