Government and EU agree to ease customs clearance at ports

Bangladesh and the European Union yesterday agreed to form a joint committee to determine the challenges that hinder smooth customs clearance and the opportunities that a streamlined procedure can provide for express and non-express air cargo.

Fast customs clearance at airports and seaports is important to expedite exports and imports from Bangladesh.

Exporters and importers have long complained about the delay in releasing goods at ports caused by the usually excessive time taken for customs clearance, as this increases the cost of doing business.

Under these circumstances, Bangladesh and the EU decided to establish the Joint Committee on Customs Clearance during the 7th EU-Bangladesh Business Climate Dialogue (BCD) at the Intercontinental Hotel, Dhaka.

In the field of maritime transport and logistics, they agreed to accelerate the removal of unused containers from the premises of the port of Chittagong in order to increase cargo handling capacities and improve health and safety conditions at the port, Bangladesh’s largest trade gateway with the EU.

In a joint statement, the two parties said approval would be issued for the exchange of empty containers between Dhaka’s rail and river terminals.

Bangladesh has agreed, as suggested by the EU, to launch a survey to assess the costs and benefits of up to 100% foreign direct investment in the country’s logistics sector.

Green business practices are a new topic at BCD. And the European side briefed Bangladesh on upcoming supply chain due diligence requirements in Europe and encouraged adaptation actions with a view to ensuring smooth trade with the bloc as the country’s main export destination. .

The EU side informed the meeting of two upcoming initiatives.

One of them is a new initiative called EU-Bangladesh Meaning Business, designed to mark the 50th anniversary of EU diplomatic relations with Bangladesh.

It aims to highlight under-explored business sectors where closer collaboration between Bangladesh and Europe could be mutually beneficial.

The second is the establishment of the European Union Chamber of Commerce (Eurocham) in the country.

It aims to build bridges between the private sectors of both sides and serve as a center of excellence, linking Bangladesh’s public and private sectors with European investors, for the benefit of smooth and lasting business relations.

It would also help navigate Bangladesh’s transition to the post-EBA (everything but arms) trade regime in the EU.

Tapan Kanti Ghosh, Principal Secretary of the Ministry of Commerce, and Charles Whiteley, EU Ambassador to Bangladesh, co-chaired the event, which was attended by the heads of diplomatic missions of Denmark, France, Germany, from Italy, the Netherlands, Spain and Sweden to Dhaka.

The Heads of Missions expressed their willingness to continue to work constructively with Bangladesh to improve trade and investment relations.

The BCD aims to facilitate trade and investment for the EU, Bangladesh’s largest trading partner and second source of FDI.

The country’s exports to the bloc amounted to around 16 billion euros in 2021 and imported goods worth 3 billion euros in the year.

The next plenary is scheduled for the first half of 2023.