Bangladesh unveils draft Cross-Border Digital Commerce Policy 2024

The draft will be discussed with stakeholders.

A cross-border escrow service will be introduced in coordination with the Bangladesh Bank to ensure reliability and measures will be introduced to facilitate the repatriation of export earnings and the payment of import expenses for registered digital commerce enterprises, the draft said.

Special incentives will be offered to encourage exports if payments are made from abroad and funds brought into the country, according to domestic media reports.

During the import of any product or service, the name of the associated marketplace or digital platform must be included on the invoice alongside the buyer's name to facilitate payments.

A central coordination committee comprising stakeholders will be formed to facilitate cross-border payments for imports and exports through digital commerce as well as to resolve any related complexities.

The committee will have representatives from the ministry of commerce, the National Board of Revenue, the posts and telecommunications division, the Bangladesh Bank, the Bangladesh Telecommunication Regulatory Commission and the Bangladesh Financial Intelligence Unit.

It will also include members of the e-Commerce Association of Bangladesh and the Bangladesh Association of Software and Information Services.

The trade of counterfeit, sub-standard, fictional or conceptual products through cross-border digital commerce is prohibited. The organisation, issuance, purchase, sale or exchange of tickets or tokens for online lotteries, gambling, betting, etc is also prohibited.

To conduct cross-border digital commerce activities, the relevant digital commerce institution must obtain a digital business entity.

Policies will be simplified for cottage, micro, small, and medium enterprises to facilitate the export of small parcels through digital commerce. Financial incentives will be provided for exports through digital commerce, similar to general exports.

Necessary policy support will be provided for drop-shipping, which is the direct delivery of goods from the manufacturer to the retailer or customer.

Digital commerce export zones will be established near the country's ports.

Fibre2Fashion News Desk (DS)