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Asian Development Bank to assist Bangladesh in Trade facilitation

The Asian Development Bank (ADB) and Bangladesh have signed agreement for a 143 million US dollars policy-based loan to improve the volume, efficiency, predictability, and security of cross-border trade in Bangladesh. Secretary of Economic Relations Division Fatima Yasmin, and Country Director of ADB Edimon Ginting virtually signed the agreement on behalf of Bangladesh and ADB according to Bangladesh media reports.

E-payment at the three Border Crossing Points will be implemented

ADB assistance will help increase the volume of imported and exported cargoes at the two international border crossing points with India at Akhaura, Sonamasjid, and Tamabil by 50 per cent by 2027 while reducing average customs clearance and cargo transshipment time by 50 per cent the ADB official said. “E-payment at the three Border Crossing Pointss will be implemented, with their capacity increased to handle 520,000 tons per year of international transit cargoes, and central customs laboratory, customs warehouse, and customs regional training academy will be designed.

Bangladesh has been carrying out trade facilitation reforms to enhance export diversification and competitiveness by improving the quality of exports, signing bilateral trade and investment cooperation agreements, and promoting trade through better coordination among border agencies and private stakeholders. 

The South Asia Sub regional Economic Cooperation Integrated Trade Facilitation (SASEC) Sector Development Program (SDP) will reform trade policies and improve the cross-border trade facilities at Akhaura, Sonamasjid, and Tamabil BCPs. It will also increase connectivity among SASEC countries by facilitating trade among the SASEC countries through Bangladesh as a sub-regional hub. 

ADB will also provide a 1.5 million US dollars technical assistance grant from its Technical Assistance Special Fund to support the modernization of the customs legal framework and coordination among the border agencies, prepare an operationalization plan of central customs facilities, strengthen NBR’s capacity to implement modernized customs operations at BCPs, and build the project implementation capacity of NBR and BLPA.

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