"In order to win the global market competition, we need to ensure that our shrimp is produced in compliance with the international codes of conduct for food safety, human rights, labour rights and environment," he said.

Speaking at the inaugural ceremony of the first meeting of Global Aquaculture Discussion Forum (GADF) that began in Dhaka yesterday, Khosru said integrated efforts of the shrimp industry stakeholders are the needs of the hour to ensure market for the second largest export item of Bangladesh.

Bangladesh Shrimp Foundation (BSF) and Network of Aquaculture Centres in Asia-Pacific (NACA) jointly organised the meeting at a local hotel in cooperation with Hongkong and Shanghai Banking Corporation (HSBC).

BSF Chairman Syed Mahmudul Huq, Acting Chief of Party of Agro-based Industries and Technology Development Project (ATDP) Ron Gillespie, NACA representative Michael J Phillips, Acting Mission Director of USAID Beth Paige, and Global Aquaculture Alliance (GAA) President George Chamberlain spoke at the meeting.

Representatives from buyers, international organisations, NGOs, donors and trade associations, and farmers from the USA, Europe and Asia are attending the two-day international meeting that focuses on certification systems, codes of conduct, traceability and its implications on the shrimp industry.

The inaugural function was marked by signing of a memorandum of understanding (MoU) between hatchery owners, grow-out operators and feed manufacturers of the country. The agreement aims at ensuring traceability and quality of the exported shrimps by complying with international regulations.

According to the BSF chairman, shrimp sector that employs around 600,000 people provides more than $270 million annually to the country's economy and produces 2.5 per cent of the global production of shrimp.

Bangladesh exports shrimp mainly to the US, EU countries and Japan by competing with Thailand, Ecuador, Indonesia, India, Mexico and Vietnam. At present, there are 124 shrimp processing factories and 40 hatcheries in Bangladesh, mostly located in Khulna, Chittagong and Cox's Bazar regions.

GAA President Chamberlain informed the meeting that international trade in seafood has expanded from around $7 billion in 1976 to $ 55.3 billion in 2000.