IFC and FBCCI tie up to strengthen trade in S Asia

International Finance Corporation (IFC) and the United Kingdom's Department for International Development are supporting the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to improve trade in South Asia and help spur economic growth and development.
To this effect, FBCCI and IFC hosted a one-day workshop titled “Public-Private Dialogue for Enhancing Trade Facilitation in South Asia” at Sonargaon Hotel in Dhaka yesterday, according to a statement.
Senior government officials and representatives from transport companies, freight forwarders, logistics companies, and clearing house agents, attended the event.
The workshop was aimed at helping implement measures to reduce costs and promote trade through simplified documentation and procedures, electronic processing, and risk management for border inspections and clearances.
“It is nice to see IFC at the forefront of development. We would like to see IFC do more in trade and development, which goes together with sustained development,” said Finance Minister AMA Muhith.
“With support from IFC, we will be able to enhance Bangladesh's competitiveness in trading goods and services efficiently with lower transaction costs,” said Commerce Minister Faruk Khan.
The workshop is part of a series of IFC-led initiatives in South Asia to build effective trade partnerships between public and private sector stakeholders in eastern and northeastern India, Nepal, and Bangladesh, helping identify areas where reform efforts can have maximum impact on cross-border private sector activity, said the IFC statement.
AK Azad, president of FBCCI, said improved trade facilitation and relations would help unleash the region's economic potential. Trade facilitation involves reforms in border operations, including the reliability and efficiency of transportation infrastructure, logistics operations, and customs and border management regulations and procedures.