An inter-ministerial meeting has decided to assign the customs wing of the National Board of Revenue (NBR) to act as the lead agency for setting up a single window for trade facilitation, competent sources have said.
The National Single Window (NSW) has been recommended by the World Bank to facilitate trade and reduce the cost of business through introduction of online business procedures.
In the inter-ministerial meeting on NSW and National Council for Trade and Transport Facilitation (NCTTF), representatives from the ministries of commerce, finance, information and communication technology, the NBR, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the WB reached a consensus on setting up the NSW.
Businesses responded positively to set up the NSW in a bid to reduce the cost of business, provide trade facilitation and automation and ensure transparency at customs points, official sources said.
Earlier, the customs wing held several meetings on the NSW proposed by the WB in its regional connectivity project-1.
The meeting also discussed framing of a governance model on trade and transport facilitation.
WB lead IT (information technology) specialist Ramesh Siva presented an NSW model and a trade and transport facilitation governance model at the meeting.
The NSW is an electronic system or virtual platform through which different entities or organisations will be interconnected. South Asian countries including Cambodia, Indonesia and Laos have already set up such NSWs in line with the WB suggestions.
The specialist presented the framework of a three-tier governance model, under which the NCTTF is the highest policy-making body.
The meeting decided that the cabinet committee on economic affairs, headed by the finance minister, would provide the policy support on the NCTTF.
The Customs will provide services to investors, entrepreneurs, exporters and importers in the NSW.
The Customs, the Bangladesh Bank, the Office of the Registrar of Joint Stock Companies and Firms, banks, the Board of Investment and other service-providing agencies would be linked with the NSW, officials said.
Exporters and importers will be able to complete their business procedures and submit documents on new ventures, export and import online using this single platform.
The central bank and the NBR have already introduced electronic letters of credit (L/C) to ease procedures of cross-checking export-import documents through online and speed up clearance of goods from the customs point.
© 2024 - All Rights with The Financial Express
