Dhaka, Bangladesh
Ctg port resumes business after strike withdrawal

Ctg port resumes business after strike withdrawal

CHATTOGRAM, Nov 21: Goods transportation and containers movement from Chattogram port resumed early today after Bangladesh Truck, Covered-van Goods Transport Owners-Workers Unity Council (BTCGTOWUC), called off their strike following a meeting with the home minister, reports BSS. Besides, loading and unloading inside the Chattogram port also resumed this morning soon after truckers and covered-van drivers begun the transportation from the port after 18 hours of suspension since 8 am yesterday, Omar Faruq, secretary of Chattogram Port Authority (CPA) said. Rustam Ali, convener of BTCGTOWUC said that they withdrew the strike at 2 am early today following the assurance to review the new road transport act by Home Minister Asaduzzaman Khan at his Dhanmondi residence in the capital. Container movement and unloading activities from lighterage vessels also resumed from Thursday morning after beginning the transportation, he said. Huge, trucks, trailers and container-laden-vehicles which were waiting for delivery the entire day yesterday, started from the port 30 minutes into the strike withdrawal announcement, Omar Faruq added. Besides, container-laden vehicles from private off-docks also started for the port soon after the announcement, Faruk, added. Long queues gradually reduced at the port gate since morning after the strike was called off, said Ruhul Amin Sikder, Secretary Bangladesh Inland Container Depots Association (BICDA) Chattogram port. Demanding to review new road transport act truckers and covered-van drivers enforced the strike in 20 districts yesterday. WB chief tells China needs ‘vital’ reforms BEIJING, Nov 21: World Bank chief David Malpass urged China on Thursday to further open up its economy and reduce state subsidies, echoing key demands made by the United States in protracted trade war negotiations, reports AFP. Malpass made the remarks after a roundtable meeting with Chinese Premier Li Keqiang and the heads of other global institutions, including the International Monetary Fund and the World Trade Organization. “I encouraged new reforms and liberalisation,” he said. Beijing is struggling to kickstart the economy, which expanded at its slowest pace for nearly three decades in the third quarter amid cooling global demand for its exports and a looming debt crisis at home. Malpass said Beijing must resolve bilateral trade disputes and improve transparency in lending to avoid a sharp downturn on growth over the coming decades. “China could improve the rule of law, allow the market to play a more decisive role in allocating resources including debt and investment, reduce subsidies for state-owned enterprises… and remove barriers to competition,” he said. “It is hard to achieve but it is vital for reducing any inequality and building higher living standard,” Malpass said. State-owned behemoths dominate lucrative sectors of China’s economy —including energy, aviation and telecommunications — where access to private players is restricted. China’s trade partners have also long complained about the lack of an equal playing field and theft of intellectual property. The country’s rubber-stamp parliament in March passed a foreign investment law that promises to address these issues, but local governments are still working on detailed rules needed to implement it. Li said both domestic and foreign companies registered in China will be treated equally. “They will have equal access to investment opportunities, equitable access to resources, legal protection in accordance with the law,” he said. Beijing has also announced a timetable to open up its financial sector to foreign investors next year, as it attempts to woo outside capital to shore up an economy battered by the trade war with the United States. China and the US have slapped tariffs on over $360 billion worth of goods in two-way trade. Negotiators from both sides have been working towards a partial deal, but US President Donald Trump on Wednesday said Beijing has not made sufficient concessions, making him reluctant to conclude a bargain. Economic data shows the uncertainty created by the trade spat between the world’s two biggest economies is undermining global growth. IMF chief Kristalina Georgieva warned that implementing all the announced tariffs would cut $700 billion out of the world economy next year. “What should be our priorities? First, to move from trade truce to trade peace,” she said.

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