Improving the trade facilitation measures can help Bangladesh to offset the challenges posed by LDC graduation, experts said at a workshop in the capital.
In this context, they called for streamlining the relevant processes and documentations.
Such observations came during a workshopstyled ‘Augmenting Competitiveness by Improving Trade Facilitation’ jointly organized by Support to Sustainable Graduation Project (SSGP) of Economic Relations Division (ERD) and Metropolitan Chamber of Commerce & Industry (MCCI) in the capital on Wednesday.
Commerce Minister Tipu Munshi, was the chief guest of the seminar. Secretary of the Ministry of Shipping Md. Mostafa Kamal and the President of MCCI Md. Saiful Islamattended the event as special guests. ERD Secretary Sharifa Khan chaired the workshop. Trade facilitation ensures simplification, modernization as well as harmonization of rules, regulations, and procedures relating to trade.
It reduces the time and cost of trade transactions, which in turn enhances competitiveness. An improved trade facilitation system is critical for significantly enhancing the overall trade performance.
It has long been observed that Bangladesh needs to employ all possible trade facilitation measures for augmenting the competitiveness and to overcome the probable negative impacts due to the gradual loss of the Duty Free Quota Free (DFQF)market access after the country’s graduation from the Least Developed Country (LDC) category.
It is notable that a comprehensive WTO Trade Facilitation Agreement (TFA) was concluded during the WTO Ministerial Conference in 2013 to facilitate the global trade.
TFA became effective in 2017.
Bangladesh is now implementing the TFA, which has various flexibilities for LDCs.Under such flexibilities, each LDC has got the opportunity for implementing the TFA in a phased manner. However, such flexibilities will be reduced upon graduation.
Speaking on the occasion, Commerce Minister Tipu Munshi said that improved trade facilitation measures can help the country to overcome the probable challenges of LDC graduation.
ERD Secretary Sharifa Khan, in her speech, called for simplification and streamlining of trade related procedures.
The President of MCCI Md. Saiful Islam called for enhancing the efficiency of ports. In this context, he called for engaging reputed international operators in port operation and management.
Secretary of the Ministry of Shipping Md. Mostafa Kamal called for adopting a holistic approachto enhancing the overall performance of ports and logistics. He also informed that the government has initiated several projects for increasing the operational efficiency of Chittagong port which would result in reduced lead time.
Speakers at the workshop called for reducing the amount of time needed for completing the trade related procedures for necessary cost reduction and enhancement of competitiveness.
Senior Customs Specialist of the USAID-funded ‘Feed the Future Bangladesh Trade Activity’ Md. Raich Uddin Khan delivered the keynote presentation of the event.
Additional Secretary of the Finance Division Dr. Md. KhairuzzamanMozumder, Member the National Board of Revenue (NBR) Dr. Abdul Mannan Shikder, Director of BGMEA Asif Ashraf and Chairman of the Policy Exchange of Bangladesh Dr. M. Masrur Reaz also spoke during the event.
Farid Aziz, Additional Secretary of ERD and Project Director of SSGP delivered the welcome address of the event.
Stakeholders from the public and private sectors as well as research organizations participated in the workshop.
