Digital trade skills vital to cut costs, boost exports

Developing the skills needed for paperless trade across borders is essential for professionals, according to speakers, as they said this could significantly cut costs, save time and increase exports.
In this regard, they said building the necessary infrastructure, along with ensuring cybersecurity and data protection are also vital.
These observations were made at the opening ceremony of a workshop titled 'Digitalizing International Trade in Bangladesh', organised jointly by the International Chamber of Commerce (ICC), ICC Bangladesh and ICC- Digital Standards Initiative (DSI) at a city Hotel on Monday.
The Workshop was sponsored by ADB Trade and Supply Chain Finance Program (TSCFP), US Department of State, International Islamic Trade Finance Corporation (ITFC), while the knowledge partner was Standard Chartered Bank.
Waseqa Ayesha Khan, state minister for the Ministry of Finance, was the chief guest at the inaugural ceremony.
Mahbubur Rahman, president, ICC Bangladesh; Muhammad A (Rumee) Ali, chairman, ICC Bangladesh Banking Commission; Pamela Mar, managing director, Digital Standard Initiative, ICC; Iftekhar Alam, regional head, South & South East Asia, International Islamic Trade Finance Corporation; Dr Rupa Chanda, director, Trade, Investment and Innovation Division, UNESCAP; Edimon Ginting, country director, Bangladesh Resident Mission, Asian Development Bank; and Naser Ezaz Bijoy, vice president, ICC Bangladesh & CEO, Standard Chartered Bank, also spoke on the occasion.
The opening session was moderated by ICC Bangladesh Secretary General Ataur Rahman.
Addressing participants, Ms Waseqa Ayesha Khan said with the development phase, Bangladesh will be required to ensure digitalisation in every field including international trade.
Building on the country's success in establishing a 'digital Bangladesh', the government now looks to build a 'smart and developed Bangladesh' by 2041.
"We are moving forward with the goal of becoming an upper-middle-income country by 2031 and a developed nation by 2041," she said, adding that the country is set to attain LDC graduation by 2026.
"LDC graduation presents both opportunities and challenges," she said. "Digitalising trade is vital to address these effectively."
Drawing from her professional experience, she said manual processes are "cumbersome" and "time-consuming" in nature.
"I am happy to know that ICC Digital Standards Initiative (DSI) is a global initiative based in Singapore, backed by an international governance board comprising leaders from the ICC, Enterprise Singapore, ADB, WTO and the World Customs Organization," she said.
Nevertheless, 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, said Waseqa Ayesha Khan.
Praising the ICC Bangladesh for organising the workshop, the state minister said the government will undertake necessary steps for preparing the required law in consultation with relevant ministries, trade bodies and other stakeholders for approval of the parliament.
In his speech, ICC Bangladesh President Mahbubur Rahman said Bangladesh is committed to a progressive and inclusive economic future as it puts emphasis on digital transformation, trade facilitation and sustainable development.
"By continuously developing and harnessing these skills, Bangladesh is well-positioned to achieve even greater economic milestones in the coming years," he said.
Mr Rahman elaborated on the role of various sectors, including the RMG industry, in the country's international trade success.
He said trade digitalisation in Bangladesh is transforming the country's economic landscape, making trade processes more efficient, transparent and secure.
"Despite ongoing challenges, collaborative efforts by the government, private sector and international partners are promoting a robust digital trade ecosystem," he said.
Muhammad A (Rumee) Ali said trade digitalization could help reduce data discrepancies, similar to the major mismatch recently identified in Bangladesh's export figures.
He said cybersecurity and data protection are vital for secure digital international trade.
The workshop was attended by nearly 200 participants from various banks and relevant organisations.

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