Commerce minister G M Quader Monday criticised rules and standards set by different global trade bodies and certification agencies, saying that they do not consider individual country perspective while setting their terms.
"Unlike developed nations, many other countries like Bangladesh are unable to comply with such criteria and lose competitiveness in global context," he said while speaking at a seminar in the city.
Institute of Management Consultants Bangladesh (IMCB) organised the seminar styled "From Bottomless Basket to a Middle Income Economy- a Journey towards Enhanced Competitiveness."
Dr. ANM Waheeduzzaman, Professor of Marketing and International Business of Texas A&M University-Corpus Christi of USA, presented the keynote paper at the seminar.
He identified five points for enhancing competitiveness: geopolitical status, competitive infrastructure, people power, leadership and governance and global connectivity.
Dr Zahid Hossain, senior economist of World Bank, Dr Mustafizur Rahman, Executive Director of Centre for Policy Dialogue and Dr Osman Imam, Professor of Department of Finance of Dhaka University spoke as the designated discussants.
Dr Zahid Hossain said Bangladesh needs three transitions: economic transformation from labour-intensive agricultural one to manufacturing, deeper integration with global environment and economic divergence to enhance competitiveness.
"The country has potential to be a Middle Income Country by 2021 but only potentiality is not enough
we have to utilise all potentialities," he said.
Dr Mustafizur Rahman said Bangladesh can easily be a Middle Income Country by 2021 if the eligibility is considered at $1,026 per capita income.
"The status upgrade has to be middle of Middle Income Country, which is $4,086 per capita income and it must be inclusive one for ensuring equality," he said.
Prof Dr Rahim B Talukdar, Chairman of IMCB moderated the programme.