Chinese and Bangladeshi experts during a webinar on Monday favoured using alternative dispute resolution (ADR) to strengthen open account trade for import and export between China and Bangladesh.
The event styled 'Using ADR Clause to Strengthen Open Account Trading for Imports and Exports between China and Bangladesh' was co-hosted by Bangladesh International Arbitration Centre (BIAC) and International Investment and Trade Service Window of China Yunnan Pilot Free Trade Zone (IITSW of CYPFTZ), said a press release.
Addressing the webinar, BIAC board chairman Mahbubur Rahman said the keys to selling under an open account are a high level of confidence that the buyers will pay, good understanding of external forces and proven financing techniques.
ADR can resolve issues like non-payment under open account trade, particularly where contracting parties from Bangladesh and China are involved in import and export between them, he said.
"Today's valuable deliberations will lead us to a more pragmatic ADR landscape in both China and Bangladesh to make open account trading between the two nations more beneficial to our common interests," Mr Rahman hoped.
BIAC CEO Muhammad A (Rumee) Ali in his welcome address expressed satisfaction over the ever-increasing volume of Sino-Bangla trade.
He said economic ties between the two fraternal nations have been further consolidated under the Belt and Road Initiative (BRI).
"Under the initiative," Mr Ali said, "we provide each other with goods and services of excellent quality and reasonable prices and truly bring a sense of gain to the two peoples."
All these transactions are based on contracts and an ADR clause will only strengthen the position of the parties, he maintained.
IITSW director Zhang Jingmei reiterated her organisation's commitment to working with Bangladeshi entrepreneurs to resolve disputes arising out between parties of the two nations in open account trading through ADR.
The IITSW vows to work as a bridge between Bangladesh and China to boost bilateral trade.
As the special guest, China Maritime Arbitration Commission vice-chairman Li Hu emphasised adhering to arbitration and mediation as more appropriate tools of dispute resolution in open account trade.
Standard Chartered Bank Bangladesh executive director (country operations) Munazzir Shehmat Karim moderated the webinar.
Dhaka Chamber of Commerce and Industry president Rizwan Rahman, International Chamber of Commerce-Bangladesh secretary general Ataur Rahman, Prof Ni Peng, legal adviser to Communist Party of China, Minsheng Bank, Kunming deputy general manager Geng Jiajun, Kunming-based lawyer Yaze Xiong, Jahrat Adib Chowdhury, chief legal officer of Banglalink Digital Communications Ltd, BIAC director MA Akmall Hossain Azad took part in the discussion.
The event was live streamed on BIAC's Facebook page and LinkedIn platform. Bonik Barta was the media partner of the webinar.
