Bangladesh launches South Asia's first 'trade portal'

Commerce Minister Tofail Ahmed formally launched the national trade portal at a city hotel on Sunday.

“Bangladesh has been connected with the globe through this trade portal. I firmly believe that we will be able to keep the people update with the latest information,” said the minister during his inaugural speech.

The Commerce Ministry will soon sign a Memorandum of Understanding (MoU) to jointly work for running the portal, said Ahmed.

“Launching of the trade portal is a milestone but it has to be sustainable,” said M Masrur Reaz, program manager, Trade and Competitiveness Global Practice Group, Bangladesh. He also put emphasis on the regular update of information.

Supervised by the Commerce Ministry and supported by the Trade and Competitiveness Global Practice, World Bank Group, the portal will provide an accessible, logical, helpful window for traders to access important regulatory and procedural information needed to export and import.

Bangladesh Trade Portal is an important step for the government toward improving the predictability and transparency of the country’s trading laws and processes.

The portal is a part of government’s commitment to facilitate information sharing and inline with the Seventh Five-Year Plan, which focuses on accelerating economic growth.

“The trade portal is a one-stop point of information, which is aimed at improving the transparency and accountability,” said Ashish Narain, regional head, South Asia Regional Integration for Trade and Investment of the World Bank Group.

The portal, which is operable in both Bangla and English, can stores information relating to the existing trade regulations, procedures, laws, administrative procedures, guidance notes, applicable fees, forms, licenses, permits and penalties applicable in case of breach.

“The portal is a new horizon for the business community as it would create a platform to shares information,” said FBCCI President Abdul Matlub Ahmed.

Matlub also urged the Commerce Ministry to include hotline, chat box and a call centre with the portal to provide instant services.

The wide variety of the portal’s content includes overview of Bangladesh’s economy, business start up process, import and export guide, customs’ terminology, as well as information on special economic areas, export processing zones, cross-border trade and GSP Automation.