Businesses call for removing trade, investment bottlenecks

Japanese and Bangladeshi business leaders have demanded removing various bottlenecks in trade and investment, including policy inconsistency and irrational tariffs, to take forward the economic partnership agreement (EPA) signed between the two nations after seven years of efforts.
They have also put forward some recommendations to make it effective by ratification from the respective parliaments for liberalising and facilitating trade, as well as promoting investment, in the two friendly countries.
Some of them have recommended forming committees, including a task force, to identify the way forward for the successful implementation of the EPA, which is the first for Bangladesh and the first for Japan signed with a least developed country.
They shared their views on Monday during a strategic discussion on advancing the Bangladesh-Japan EPA organised by the Japan External Trade Organisation (JETRO), the Japanese Commerce and Industry Association in Dhaka (JCIAD), and the Japan-Bangladesh Chamber of Commerce and Industry (JBCCI).
Commerce Minister Khandakar Abdul Muktadir attended the event as the chief guest, while Japanese Ambassador to Bangladesh Shinichi Saida was the special guest.
Visiting JETRO Executive Vice President Akiko Okumura also spoke on the occasion, among others.
JETRO Country Representative Kazuiki Kataoka and JBCCI President Tareq Rafi Bhuiyan highlighted various aspects of the EPA separately, and a panel discussion on that was then held.
Chairperson of Meghna Bank Uzma Chowdhury, Managing Director of DBL Group MA Jabbar, JCIAD Vice President Yuji Wagata, and JBCCI former president Asif A Chowdhury were the panellists at the discussion.
The heads and representatives of different Japanese and Bangladeshi companies were also present.
The commerce minister highlighted the new government's vision and steps taken so far for trade facilitation.
He said cutting logistics costs, increasing productivity in ports, and trade simplification had been given importance for economic transformation.
The minister told the gathering that three committees with members from the private sector had been formed to identify the areas of support to be provided by the government to simplify business.
"EPA signing is a milestone to look beyond the horizon from now," he said.
The country, with its over 100 million working-age population, as well as strong resilience and survival instincts, would play a significant role in the EPA benefits.
The Japanese ambassador termed the EPA an entrance to follow the footsteps of the Association of Southeast Asian Nations (ASEAN), such as Vietnam, Thailand, Malaysia, and Indonesia.
He said the long-term trade deal would ensure business security and confidence, and enhance bilateral relations as well. "Your EPA is not designed for the upcoming five years, but 15 years and longer," he added.
He also demanded a help desk for Japan at the Prime Minister's Office to facilitate the process of investment and trade. The JETRO chief highlighted the trade benefits to be enjoyed by Bangladesh, particularly in tariff barriers.
He said the EPA had been welcomed by Japanese companies and Bangladesh would get benefits gradually after graduation due to the reduction in tariffs on various products.
The EPA will facilitate and maintain a duty-free market for Bangladesh after graduation and boost Japanese investment.
smunima@yahoo.com