Digitalisation plays important role in expanding international trade: Waseqa

International trade digitisation would play an important role in expansion of international trade and ensuring sustainable and inclusive development of Bangladesh, Waseqa Ayesha Khan, state minister for finance, said today (8 July).

"Trade digitalisation would reduce the time and cost associated with manual handling, courier services, and delays caused by lost or misplaced documents, Digital records would be instantly and seamlessly transmitted, verified, accessed, and stored, leading to faster and more secure transactions. This would reduce the administrative burden and eliminate errors and discrepancies caused by manual data entry," she said while addressing a workshop on Digitalising International Trade in Bangladesh as chief guest jointly organised by the International Chamber of Commerce (ICC) Bangladesh at a city hotel.

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.

The state minister said the government will undertake necessary steps for preparation of 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, "By adopting the globally recognised digital standards promoted by the ICC DSI, Bangladesh can streamline its trade processes, reducing paperwork and manual interventions. This efficiency can lead to faster processing times, lower costs, and reduced errors. 

"Also by encouraging the use of innovative technologies such as blockchain and artificial intelligence, the ICC DSI can help Bangladesh stay at the forefront of technological advancements in trade. This can lead to the development of new digital tools and platforms that further enhance trade efficiency."

ICC Bangladesh Banking Commission Chairman Muhammad A (Rumee) Ali, in his welcome address, said trade digitalisation could help reduce the incidences of data mismatch similar to the major incongruity in Bangladesh's export that has been identified recently. 

Ensuring cyber security and data protection are two of the vital areas of safe digital international trade, he added.

Nearly 200 participants from different banks and other relevant organisations joined the workshop.

ICCB Secretary General Ataur Rahman moderated the opening session. Pamela Mar, Managing Director, Digital Standard Initiative (DSI), International Chamber of Commerce (ICC) conducted the Workshop. Iftekhar Alam, Regional Head, South & South East Asia International Islamic Trade Finance Corporation (ITFC), Islamic Development Bank; 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 & Chief Executive Officer, Standard Chartered Bank also spoke on the occasion.