Digitalizing international shipping documents could generate an annual growth of $30-$40 billion in global trade, according to discussions at a roundtable on Sunday organized by ICC Bangladesh jointly with ICC DSI of International Chamber of Commerce.
The Roundtable has been sponsored by ADB TSCFP alongwith US Department of State (US DoS) and ITFC of Islamic Development Bank while Standard Chartered Bank was the Knowledge Partner.
The programme was held at the Dhaka Sheraton which underscored the transformative potential of paperless trade for economies worldwide.
Mahbubur Rahman, President of ICC Bangladesh, while chaired the programme said that digitalization enhances efficiency, reduces costs, and broadens market access.
Salman Fazlur Rahman, Adviser to the Prime Minister for Private Industry and Investment, highlighted Bangladesh's progress in digitalization under the leadership of Prime Minister Sheikh Hasina.
He noted the substantial GDP growth and the development of robust digital infrastructure, including optic fiber networks and submarine cables. He said one of the most important components of digitalization is interoperability.
Highlighting on Bangladesh’s success in creating an enabling atmosphere for digitalisation, the Adviser said Bangladesh is making rapid progress in establishing digital and cashless Bangladesh.
Edimon Ginting, Country Director, Bangladesh Resident Mission, Asian Development Bank said effective digitalization of trade will increase growth and create jobs by expanding access to global trade networks for developing economies.
There are two key impediments that we need to jointly work on and address that include a need for common standards and protocols that will enable effective interoperabilities among the players in supply chains, from exporters to logistics, customs, warehousing/logistics, finance, etc. and the need to enhance legislation supporting the use and enforceability of key documents in trade.
To tackle these two important challenges, ADB, the Government of Singapore, and the International Chamber of Commerce founded the Digital Standards Initiative, or DSI, he said.
