“Aligning with Bangladesh’s policies and strategies, ADB is helping enhance export diversification and competitiveness for accelerating growth with industrialisation and trade and expanding sub-regional trade and commerce,” said country director Edimon Ginting in an ADB press release.

“ADB assistance will help increase the volume of imported and exported cargoes at the Akhaura, Sonamasjid and Tamabil border crossing points (BCPs) by 50 per cent by 2027, while reducing average customs clearance and cargo transshipment time by 50 per cent,” he added.

Ginting also said e-payment at the three BCPs will be implemented, with their capacity increased to handle 520,000 tonnes 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 press release said.

The South Asia Subregional Economic Cooperation Integrated Trade Facilitation and Sector Development Programme 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.

The SDP will help Bangladesh diversify its export destinations to countries within the sub-region and shift away from readymade garments to a more diversified export basket.

The ADB assistance package includes a $90 million policy-based loan, which will support reforms in areas including bringing the country’s customs legal frameworks in compliance with international standards, improving cargo clearance processes, and strengthening the capacity of the National Board of Revenue and the commerce ministry.

To complement the policy reforms, a $53 million project loan will construct integrated land customs stations and land ports of NBR and the Bangladesh Land Port Authority at Akhaura, Sonamasjid and Tamabil BCPs.

Facilities and equipment for customs clearance and cargo transshipment operations will also be installed.

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

Fibre2Fashion News Desk (DS)