A US non-profit agency partners with Bangladesh line ministries to facilitate multifaceted trade, including in farm sector, by harnessing huge potential with latest technologies.
They would work with a synergy under a new mechanism, titled 'Bangladesh Trade Facilitation Initiative', launched Wednesday in Dhaka.
As declared, the comprehensive project would be implemented under the scope of the World Trade Organisation (WTO) Trade Facilitation Agreement.
To facilitate the execution a USD 27-million project, supported by Foreign Agriculture Service of the United States Department of Agriculture, has been undertaken.
Commerce Minister Tipu Munshi, who was chief guest at the launching ceremony, said that the government is "committed to ensuring self-sufficiency in food production and supplying safe and nutritious food".
He also pointed out that making the agriculture sector a profitable concern for the farmers through commercialisation is also a major vision of the government.
Addressing the ceremony US Ambassador in Dhaka Earl R Miller said that the US government is keen to support the reform measures taken by the Bangladesh government to ensure a business-friendly environment.
"The project will facilitate and incentivize investment…and improve and expand Bangladesh's refrigerated logistic network," he added.
The project will work on areas related to simplifying automation of import and export processes, strengthening risk-based clearance process, improving notification provisions, developing the capacity and testing procedure of laboratories, and enhancing the cold-chain system for facilitation of perishable goods.
Commerce Secretary Tapan Kanti Ghosh hoped that under the programme different trade agencies of the government would work together to implement the WTO TFA measures.
"I also expect that the programme will focus on building partnership between public and private sectors and other development partners."
Abul Kashem Khan, Chairperson of Business Initiative Leading Development (BUILD), said businesses demand predictable and harmonized processes and value transparency.
"Global trade opportunities and investment in strategic industries will play a significantly important role in Bangladesh's further growth aspiration to become an upper-middle-income and developed country," he told the function.
Land O Lakes Venture 37, a US-based not-for-profit economic and agricultural development organization, will implement the project along with the trade-related agencies of the government, like WTO Cell of the commerce ministry, the National Board of Revenue, and the Ministries of Agriculture, Food, Industries, and Fisheries and Livestock.
