Thrust on learning global trade rules, practices by businessmen
Sunday, 5 December 2010
FE Report
Businessmen must learn the global trade rules and best practices, if they want to succeed in today's international trade and cash in maximum from their export-import transactions.
Speakers at a workshop on 'Global Trade Services and Challenges in Bangladesh' came up with the observation Saturday pointing to the country's increased participation in global trade scenario.
"Lack of proper knowledge of trade practices among businessmen is a major problem here", Vincent O'Brien said. Mr. O'Brien is the representative of International Chamber of Commerce (ICC) to WTO and a member of ICC Commission on Banking Techniques & Practices.
Besides, he pointed to poor infrastructure in ports and customs and absence of up-to-date technology in export import gateways as other major hindrances.
Mr. O'Brien was giving his keynote presentation in the workshop illustrating ins and outs of Incoterms 2010 edition and issues relating to payments in global trade.
"Learning the trade rules and customs are imperative to profitability as our economy is opening itself quite faster to global trade", Deputy Governor of Bangladesh Bank (BB) Ziaul Hasan Siddiqui said in this connection. He attended the workshop as the chief guest.
Bangladesh is pursuing an all-inclusive growth where all the sectors are growing simultaneously, Mr. Siddiqui claimed. "At present, 40 per cent of the total economy is open to global trade; so learning the Incoterms is crucial to our businesses", he said.
Incoterms is a framework of communication among exporters and importers for interpreting most commonly used terms in international trade. ICC is publishing Incoterms since 1936 and this year Incoterms 2010 has been published and will be effective from January 1, 2011.
Latifur Rahman, vice-president of ICC- Bangladesh, said, "Challenges facing Bangladeshi businesses can't be tackled without proper knowledge of trade policies and rules that affect international trade". He talked in the workshop as the special guest.
In his presentation titled 'Trade Services in Bangladesh: Regulations and Challenges', Dr. Shah Md. Ahsan Habib, director of training at BIBM, said, "Improving awareness as well as reducing knowledge gap on the trade service-related issues is a key challenge". He emphasised the need for reducing cost of importing and exporting and saving country's scarce foreign currency.
Mr. Habib has also noted that improving country risk-rating thorough informed and sound trade practices is also another challenge.
Speakers lauded Eastern Bank Ltd (EBL) for organising the workshop for its clients to familiarise them with best practices in global trade. "Such a workshop for clients to minimise the knowledge gap of clients is of first kind in the country", Ali Reza Iftekhar, managing director and CEO of EBL, said.
Representatives from various banks, financial institutions and corporate houses participated in the workshop. It ended up with an interactive session of discussion and distribution of certificates among the participants.
Businessmen must learn the global trade rules and best practices, if they want to succeed in today's international trade and cash in maximum from their export-import transactions.
Speakers at a workshop on 'Global Trade Services and Challenges in Bangladesh' came up with the observation Saturday pointing to the country's increased participation in global trade scenario.
"Lack of proper knowledge of trade practices among businessmen is a major problem here", Vincent O'Brien said. Mr. O'Brien is the representative of International Chamber of Commerce (ICC) to WTO and a member of ICC Commission on Banking Techniques & Practices.
Besides, he pointed to poor infrastructure in ports and customs and absence of up-to-date technology in export import gateways as other major hindrances.
Mr. O'Brien was giving his keynote presentation in the workshop illustrating ins and outs of Incoterms 2010 edition and issues relating to payments in global trade.
"Learning the trade rules and customs are imperative to profitability as our economy is opening itself quite faster to global trade", Deputy Governor of Bangladesh Bank (BB) Ziaul Hasan Siddiqui said in this connection. He attended the workshop as the chief guest.
Bangladesh is pursuing an all-inclusive growth where all the sectors are growing simultaneously, Mr. Siddiqui claimed. "At present, 40 per cent of the total economy is open to global trade; so learning the Incoterms is crucial to our businesses", he said.
Incoterms is a framework of communication among exporters and importers for interpreting most commonly used terms in international trade. ICC is publishing Incoterms since 1936 and this year Incoterms 2010 has been published and will be effective from January 1, 2011.
Latifur Rahman, vice-president of ICC- Bangladesh, said, "Challenges facing Bangladeshi businesses can't be tackled without proper knowledge of trade policies and rules that affect international trade". He talked in the workshop as the special guest.
In his presentation titled 'Trade Services in Bangladesh: Regulations and Challenges', Dr. Shah Md. Ahsan Habib, director of training at BIBM, said, "Improving awareness as well as reducing knowledge gap on the trade service-related issues is a key challenge". He emphasised the need for reducing cost of importing and exporting and saving country's scarce foreign currency.
Mr. Habib has also noted that improving country risk-rating thorough informed and sound trade practices is also another challenge.
Speakers lauded Eastern Bank Ltd (EBL) for organising the workshop for its clients to familiarise them with best practices in global trade. "Such a workshop for clients to minimise the knowledge gap of clients is of first kind in the country", Ali Reza Iftekhar, managing director and CEO of EBL, said.
Representatives from various banks, financial institutions and corporate houses participated in the workshop. It ended up with an interactive session of discussion and distribution of certificates among the participants.