The prices of imported goods are determined on the basis of prevailing rates in the
world market and the Tariff Commission makes decisions in this regard. Any changes in international prices may take some time to be reflected in the local market, as the commission needs to evaluate and adjust accordingly.
The remarks were made by Commerce Minister Tipu Munshi during a conference titled 'Economic relations between Bangladesh and Japan in the next 50 years: Development of Bangladesh's industrial sector,'
here today.
The Commerce Minister shed light on the reasons behind the delay in reducing domestic prices of imported goods despite decreases in the world market.
As example he cited the recent Tk 10 reduction in oil price, which has already begun to take effect.
Responding to concerns about the lack of strict action against businesses that do not pass on price reductions to consumers, the minister explained that different ministries oversee various items, and the Ministry of Food, for instance, handles rice prices. While there have been laws passed against unscrupulous hoarders, the implementation requires significant manpower, which is currently being addressed, he added.
The Ministry of Food will play an active role in taking action against hoarders, and the government is committed to supporting and safeguarding consumer rights, Tipu Munshi said.
The conference concluded on a positive note, with both Bangladesh and Japan exploring ways to enhance their economic cooperation and foster long-term partnerships for mutual development.
Tipu Munshi expressed happiness about Japan's history of investment in Bangladesh and their interest in further projects, including potential investments in the country's export processing zones.
The bilateral agreement discussions aim to solidify Japan's role as a development partner for Bangladesh in the years to come.
