Business leaders recommend unifying trade services under single authority to boost efficiency

Business leaders and entrepreneurs have urged the government to bring all trade-related services under a single authority to ensure sustainable industrial and trade development, enhance competitiveness, and simplify business processes in Bangladesh.

The recommendation was made during a meeting held today (24 June) at the FBCCI's Gulshan office between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the World Trade Organization's (WTO) Trade Facilitation Agreement (TFA) Tracking Tools Mission, reads a press release.

The meeting was chaired by FBCCI Administrator Md Hafizur Rahman.

Business representatives at the meeting emphasised the need to reduce operational costs and improve productivity and competitiveness.

They highlighted several priorities, including the enhancement of technical and technological capacity, skill development, logistics and infrastructure improvement, and increased laboratory capacity.

The World Bank delegation gave serious attention to the views expressed by the business community on trade facilitation.

FBCCI Administrator Hafizur stressed the importance of incorporating private sector perspectives when implementing the TFA in WTO member states.

Business leaders reiterated their call for a more business-friendly environment and streamlined coordination among regulatory bodies to facilitate easier and more efficient trade.

The WTO's TFA Tracking Tools system is designed to support member countries in implementing and monitoring trade facilitation goals under the TFA.

The World Bank provides technical support to ensure member states can benefit from the agreement's provisions and streamline trade procedures.

Melvin Spreij, senior trade facilitation specialist at the World Bank; Theresa Morrissey, trade facilitation consultant; and Nusrat Nahid Babi, senior transport specialist and task team leader, were also present at the meeting.