Dhaka, Bangladesh (BBN)– Bangladesh government has set a target to bring down the clearance time for imported consignments to two days from the existing eight days by 2022.
For exports, it targets 24 hours from the existing five days by bringing all 39 agencies involved in processing overseas shipments under a single electronic platform.
The National Board of Revenue (NBR) is implementing a $74 million National Single Window (NSW) project to establish an electronic gateway to speed up the clearance process and reduce costs of business with support from the World Bank-financed Bangladesh Regional Connectivity Project.
This was disclosed at a workshop jointly organised by the NBR and the International Finance Corporation (IFC) at The Palace Luxury Resort in Habiganj on Sunday.
The NSW would deliver a user-friendly, electronic system that streamlines and automates procedures for registered private sector stakeholders and government agencies for international trade-related permits, licences, certificates, and customs declarations, according to a press statement.
More than 300,000 importers and exporters are expected to be benefited from reducing the time and cost for trade once the system becomes operational.
It will also help boosting Bangladesh’s around $100 billion foreign trade through improving competitions in the global market, according to experts.