Experts at a workshop on Sunday streesed need to work in a coordinated manner to stave off the potential negative impact of the LDC graduation.
They assessed that likely losses of export earnings annually for the country could be about USD 7 billion after the LDC graduation by 2026.
The remarks were made in a virtual workshop on Health Safety Guidelines for Business Continuity and Trade Facilitation during COVID-19 for Dhaka Custom House on Sunday.
BUILD and IFC organized the workshop jointly to ensure business continuity following the impact of COVID-19 pandemic.
This initiative is supported by Bangladesh Investment Climate Fund II, which is implemented by the International Finance Corporation (IFC), World Bank Group and funded by the Foreign, Commonwealth & Development Office (FCDO).
The objectives of the workshop were to sensitize concerned service providers and service takers to maintain health safety measures to run businesses even in the post-COVID stage to mitigate export losses.
Muhammed Mahbubur Rahman, Additional Commissioner, Custom House, Dhaka highlighted steps taken by the Dhaka Customs for smooth and effective implementation of their daily tasks while maintaining health safety protocol.
The Custom House clears 3,000-4,000 bill of ladings (B/L) everyday while minimizing risks and ensuring quality so that COVID exemptions are not abused.
He stated that in order to maintain export and import growth as well as manage the supply chain, they worked hard so that revenue collection does not fall. Because of their sincerity, import growth has remained steady.
Ferdaus Ara Begum, CEO, BUILD said that the likely losses of export earnings annually for the country could be about USD 7 billion after the LDC graduation by 2026. We need to be prepared for that and start working in a coordinated manner to stave off the potential negative impact.
She also referred that the revenue collection in different heads such as supplementary duty, export and VAT at domestic stage has been reduced in the month of December 2020 compared to those in the corresponding month of 2019.
Nusrat Nahid, Private Sector Specialist, International Finance Corporation, made a presentation highlighting issues of health safety and informed about the impacts of the COVID-19 in trade. She stressed upon the need to maintain different health and safety guidelines even after the roll-out of the vaccines.
Dr. Mohammad Abul Hasnat, International Public Health Specialist, emphasized on the policy level decision for addressing this type of pandemic and appreciated the role of the government for all time-bound policies to address the pandemic.
High officials from Custom House, Dhaka and private sector officials of the trade-related agencies participated in the workshop.
