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Thursday, 25 July 2024
Digitalisation in trade stressed to cut costs, time

Digitalisation in trade stressed to cut costs, time

Staff Correspondent

State Minister for Finance Waseqa Ayesha Khan said digitalision will help reduce both time and cost currently needed in the traditional method of trading by wiping out many paper documents and processes.

She made the remarks while speaking as the chief guest at a workshop on “Digitalising International Trade in Bangladesh,” jointly organised by International Chamber of Commerce (ICC) Bangladesh and ICC Digital Standards Initiative (DSI), held in Dhaka on Monday.

The workshop was sponsored by the Trade and Supply Chain Finance Programme (TSCFP) of Asian Development Bank (ADB), US Department of State, and International Islamic Trade Finance Corporation (ITFC) while the knowledge partner was Standard Chartered Bangladesh, according to a press release.

“Digital records will be instantly and seamlessly transmitted, verified, accessed, and stored, leading to faster and more secure transactions. This will lower the administrative burden and eliminate errors and discrepancies caused by manual data entry,” the state minister said.

She pointed out that the country still needs to take some more steps to make the digital infrastructure sound, secure, and robust to facilitate the efficient settlement of international paperless trade.

The government will commence necessary steps for preparation of required law in consultation with relevant ministries, trade bodies and other stakeholders for approval of the parliament, Waseqa Ayesha Khan added.

ICC Bangladesh President Mahbubur Rahman said Bangladesh can streamline its trade processes, reducing paperwork and manual interventions by adopting the globally recognised digital standards.

“This efficiency can lead to faster processing times, lower costs, and reduced errors. Also by encouraging the use of innovative technologies such as blockchain and artificial intelligence, the ICC DSI can help Bangladesh stay at the forefront of technological advancements in trade,” he added.

Mahbubur Rahman said that this can lead to the development of new digital tools and platforms that further enhance trade efficiency.

The event was also attended, among others, by ADB Country Director Edimon Ginting, ICC Bangladesh Vice-President Naser Ezaz Bijoy, ICC Bangladesh Banking Commission Chairman Muhammad A. Rumee Ali, Director Trade, Investment and Innovation Division of UNESCAP Dr Rupa Chanda, ITFC Regional Head for South & South East Asia Iftekhar Alam, DSI Managing Director Pamela Mar and ICC Bangladesh Secretary General Ataur Rahman.

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