Responsible business conduct key to global trade competitiveness: Commerce Minister

Commerce Minister Khandakar Abdul Muktadir on Tuesday said responsible business conduct is no longer an optional matter, but has become a crucial factor in ensuring competitiveness in international trade, attracting investment and securing market access.

He made the remarks while addressing a national dialogue titled “Responsible Business Conduct for Resilient Supply Chains and Trade Competitiveness” held at a local hotel in Dhaka.

The minister said Bangladesh is entering a new phase amid rapidly changing global trade and investment realities. He noted that the country has achieved significant economic progress through strong export growth, industrialisation, entrepreneurship development and resilience against various challenges.

He said the ready-made garment sector, in particular, has played a vital role in employment generation, poverty reduction, women’s empowerment and overall economic growth.

Khandakar Abdul Muktadir said Bangladesh is preparing for graduation from the least developed country (LDC) category and that future competitiveness would no longer depend solely on production costs. Instead, it would increasingly rely on sustainable development, transparency, labour standards, environmental responsibility and responsible business practices.

He said international buyers, investors, regulatory bodies and consumers are now placing greater importance on environmental, social and governance (ESG) standards and due diligence processes across every stage of supply chains.

“New sustainability-related regulations and expectations are increasing in international markets, directly affecting global supply systems,” he said.

The minister added that businesses are now expected to ensure workplace safety, efficient resource utilisation, good governance and climate and sustainability reporting.

He said strengthening responsible business practices in industrial establishments would increase the confidence of international buyers and investors while helping Bangladesh establish itself as a responsible and competitive sourcing destination.

“This will enhance access to high-value and emerging markets, attract sustainable and quality investment, and strengthen supply chain resilience,” he added.

Highlighting the government’s commitment to sustainable, inclusive and responsible economic growth, the minister said the Ministry of Commerce recognises the importance of policy coordination and strengthening institutional frameworks related to responsible business conduct.

He said Bangladesh has already made significant progress in collecting and compiling data on green industrial practices, sustainability reporting initiatives and environmental and social compliance activities.

Khandakar Abdul Muktadir further said the government’s initiative to establish an institutional framework on responsible business conduct under the Ministry of Commerce reflects its commitment to promoting sustainable trade practices.

According to him, such a platform would strengthen coordination among ministries, regulatory bodies, the private sector and development partners, while also supporting policy guidance, awareness-building and capacity development.

The minister stressed that the transition towards responsible and sustainable business practices cannot be achieved by any single institution alone.

“It requires collective efforts from the government, private sector, industry associations, development partners and civil society,” he said.

“We must create an enabling environment where businesses of all sizes can gradually adopt responsible practices while maintaining their competitiveness in the global market,” he added.

The commerce minister thanked the United Nations Development Programme (UNDP) and all stakeholders concerned for organising the event and for their continued support towards sustainable and inclusive economic development in Bangladesh.

Among others, Commerce Ministry Secretary (Routine Duty) Md Abdur Rahim Khan, UNDP Deputy Country Representative Sonali Dayaratne and Country Economic Adviser Wyse Perry addressed the programme.

A keynote paper was presented by Dr Masrur Riaz, Chairman of Policy Exchange Bangladesh.