Facilitating trade through simplification of trade processes and procedures in Bangladesh

The urge for simplification of trade processes and procedures in the context of trade facilitation is nothing new. For decades, countries around the globe have been adopting strategies and devoting resources to minimizing cumbersome trade processes and garnering the maximum benefits from improved trading practices. As a member of the international trading system and as a least developed country (LDC), Bangladesh has been focusing on the issue of trade facilitation for several decades. Various policies adopted in the context of trade liberalization and automation of customs procedures surely bear this out. However, the country still faces significant challenges in terms of matching the standards set by its trading partners. The business community in Bangladesh appears to be content with the existing dynamics involved in export-import procedures, but at the same time the limited use of modern technology by government offices and banks in the context of international trade has been highly criticised by all stakeholders.

Related Subject(s): International Trade and Finance

Countries: Bangladesh