Govt sets targets to reduce time, cost for int’l trade

The government has set a number of targets to reduce time and cost related to international trade considering the status of Singapore in these fields as the benchmark. 
Time and cost for import and export in terms of border and documentary compliances will be lowered significantly through implementation of a set of measures to make a noticeable improvement in the trading across border, indicator of the Ease of Doing Business Index of the World Bank, officials said.
They said that the decision was taken at the second meeting of a committee on enhancing skills and capacity of port and customs, the two agencies involved in trading across border.
The meeting was held at Prime Minister’s Office on January 27 with prime minister’s principal secretary Md Nojibur Rahman in the chair.
The government agencies including National Board of Revenue, port authorities, Bangladesh Bank and commerce ministry will implement the measures to achieve the targets so that the country’s rank improve in the next WB report on the Ease of Doing Business, they added.
The committee decided that time for export in terms of border compliance would be lowered to 36 hours from current 168 hours while border compliance related cost for export would be reduced to $200 dollar from current $408.
The committee also fixed the target to reduce the documentary compliance-related time and cost to 2 hours and $100 dollar respectively.
Currently, exporters require 147 hours and $225 to fulfill the documentary compliance related to export.
Traders in Singapore need to spend only 10 hours for border compliance for export and $335 for the same purpose. 
Documentary compliance-related cost for export in Singapore is only $37 dollar while time requirement is only 2 hours.
According to the decision of the committee, the agencies concerned would reduce time related to border compliance and documentary compliance for completing import procedures to 72 hours and 24 hours respectively from current 216 hours and 144 hours. 
On the other hand, cost for import in terms of border and documentary compliances will be lowered to at least $180 and $50 from current $900 and $370.
In Singapore, importers spend only 33 hours for border compliance and 3 hours for documentary compliance.
They also spend only $220 for border compliance and $40 for documentary compliance in import process. 
The committee also decided that Bangladesh Bank would scrap the use of ‘EXP Form’ for completing export.
Exporters will be allowed to complete their export process by using only bill of export, it decided.
The number of documents required for import and export will also be reduced, complete e-payment system will be introduced and import registration and export registration certificates will be renewed for five years instead of existing one year.
Representatives of NBR, Bangladesh Bank, commerce ministry, port authorities, Bangladesh Investment Development Authority, Federation of Bangladesh Chambers and Commerce and Industry and other stakeholders attended the meeting. 
Source: http://www.newagebd.net

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