Bangladesh trade portal launch next month

A Bangladeshi importer wants to import a certain product from India. While processing his letter of credits in a bank, he notices that a standard certification may be required. But, he doesn't know clearly where, how and when to get it. So, he has to move from pillar to post, spending lot of time. Eventually, he finds that Bangladesh Standards & Testing Institution (BSTI) is the authority.       
Again, the importer rushes to the BSTI office and collects the list of documents he has to submit for getting the standard certificate. When the products enter the port, he submits the application on his official pad along with the required documents which include packing list, bill of lading and country-of-origin document for the products.
Upon receiving the application, BSTI collects sample of the product, sends it to the laboratory and few days later issues certificate. By submitting the BSTI certificate to the customs with other documents, the importer finally gets his consignments released.
This long but unavoidable process is acceptable to the importer. But he is disappointed, as it takes additional time to find different rules and information. In a competitive business world, spending additional time means a rise in trade cost.
Time has, however, come to address the issue. Bangladesh is going one step forward on trade-facilitation mechanism. This is because Bangladesh Trade Portal, a comprehensive online platform of external trade-related regulations and information, will be launched this coming October.
Like the above-mentioned importer, any businessperson will get almost all regulations, procedures and information relevant to import into Bangladesh or export to other countries by clicking the trade portal on his computer, tablet or smart-phone.
The Ministry of Commerce, with financial support from the International Finance Corporation (IFC), a private-sector arm of the World Bank group, is developing the portal.
"Almost all the trade-related rules, regulations, procedures and information will be available in this portal," said Mr Zahir Uddin Ahmed, additional secretary in the Ministry of Commerce.
"The preparation of the portal is now in the final stages and we hope that we can formally launch it by the second week of October this year," he added while talking to the FE on Wednesday.
The senior official of the commerce ministry also said the portal has accommodated requirements of different trade bodies like the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).     
Dr Mohammad Masudur Rahman who serves as the trade expert in developing the portal said: "The trade portal will function as a one-stop centre for all who want to know about international trade of the country."
He explained that the portal contains a good number of search options so that one can easily find his/her required things or materials.
For instance, if anyone wants to know about any particular product, he/she could get it by putting HS Code number or writing product name. Even full customs tariff schedule is also available for download
Again, when an importer wants to know about the procedure of obtaining certificate from the BSTI, he/she can check the procedure menu in the portal. Under the menu, there are sub-menus of several procedures. By clicking 'BSTI Certificate for Imported Products,' the importer will get a brief note on the procedure with a diagram.
"We have tried to make the portal comprehensive and user-friendly," said Dr Masud, a visiting professor at school of economics and management of Zhejiang A & F University in Hangzhou, China.
Trade bodies are also enthusiastic, as reflected in the comment made by Mr Shaquib Quoreshi, secretary of the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI).
"It is a very good initiative and definitely would facilitate trade," he told the FE.
"It will be a gateway to all necessary information and, hopefully, businessmen need not move from here to there for different information and regulation."
The portal will be open to all after formal lunch. It will be updated time to time.
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