The government has formed an inter-ministerial body to lower the number of documents required for exports as part of easing doing business in line with the standards set by the World Bank, an official said.
Additional secretary of the ministry of commerce Tapan Kanti Ghosh is heading the 10-member body peopled by representatives from the Bangladesh Bank, National Board of Revenue, Export Promotion Bureau, Office of the Chief Controller of Import and Export, and other relevant parties.
The move comes a day after Bangladesh ranked 176th among 190 nations in the World Bank's Ease of Doing Business Index-2019, which drew widespread criticism.
In the ranking, Bangladesh was behind all South Asian nations, including war-ravaged Afghanistan.
Finance minister AMA Muhtih, in his reaction, termed Bangladesh's position 'shameful' and blamed the bureaucracy largely for failing to improve the position.
A senior trade official told the FE the committee has been tasked with lowering the number of required documents to seven from the current 11 in case of exports.
The committee will examine whether the bill of lading and site draft can be merged as one document, minimising commercial invoice and purchase order packing list in one document, and consolidating letter of credit, bill of exchange, and insurance certificate into one document.
The four other required documents, which will remain independent, are certificate of origin, freight certificate, bank EXP form, and export registration certificate (ERC).
The committee will also work on fixing modalities and preparing a policy to simplify using documents in electronic and digital format.
They will also take necessary measures to clearly mention the number of required documents in the export policy or manual.
Officials said the Business Initiative Leading Development (BUILD), a public private dialogue (PPD) platform to facilitate structured dialogues between the public and the private sectors recommended that the required documents in export and import should be brought down and simplified.
The committee has now been formed in line with those recommendations aimed at easing doing business in Bangladesh while removing complicacies.
Committee chief Mr Ghosh told the FE the required documents will be modified or lower in terms of number through discussions with business people, who mainly face the obstacles.
He said the government has taken various steps to simplify doing business, and more steps are underway.
Contacted over telephone on Friday, BUILD chief executive officer (CEO) Ferdaus Ara Begum said her organisation placed the proposal two years back, taking the interest of the private sector into consideration.
"Had the number of required documents in case of exports were lowered then, Bangladesh could have attained a better position in the World Bank's ease of doing business index," she said.
Citing an example, she said India secured better position in the index by bringing some minor reforms.
In South Asia, she said, the requirement for documents in case of exporting goods is the highest in Bangladesh, she added.
However, she said, the committee should help bring amendments to some age-old laws as quickly as possible to improve the country's ranking.
syful-islam@outlook.com