New trade portal makes business easier: WB
BSS
With the launch of a new trade portal, the government has made doing business in Bangladesh easier and less costly, a World Bank (WB) report said.
The report, released recently, also said that the new portal would accelerate investment ad economic growth, reports BSS.
The commerce ministry with support from the World Bank Group launched the portal on March 13, providing documents and information on trade process.
Launching the portal, Commerce Minister Tofail Ahmed said businessmen would immensely benefit from the use of the trade portal while it would be able to connect the country to the rest of the world.
The WB report said that the portal would make easier for traders and investors to comply with regulatory requirements associated with import and export of goods as well as help Bangladesh comply with the World Trade Organisations Bali Agreement on Trade Facilitation.
With the launch of the trade portal, Bangladesh is moving towards full compliance with a new WTO agreement that asks countries to promptly publish trade-related information in an easily accessible and transparent manner, the report noted.
Earlier, it took most traders between one and five days to obtain information on rules and regulations relating to their business.
Now, with only a few clicks the trade portal provides information relating to existing trade regulations and procedures, guidance notes, applicable fees, forms, licenses, permits and penalties applicable in case of breach. Users can view the portal in both English and Bangla.
The trade portal is a one-stop point of information, which will improve transparency and accountability, said Ashish Narain, the World Bank Groups head of the South Asia Regional Integration for Trade and Investment team.
The ministry hopes that the portal will help to encourage overseas investors that are interested in trading with Bangladesh and provide them with market and regulatory information to help them export to and import from the country.
The portal has the potential to benefit a large number of traders, according to the government.
As of June 2015, there were 48.347 million internet subscribers in Bangladesh with more than 46 million using their mobile to connect.
The Bangladesh Trade Portal is supported through the World Bank Groups Trade Facilitation Support Programme.
This global facility helps countries implement their international commitments on trade facilitation, specifically following the WTOs Trade Facilitation Agreement.
