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The government is going to build ''National Single Window'' to simplify cross-border trade procedures under a World Bank-sponsored agenda for facilitating quick processing of import, export and transit transactions. Officials said Wednesday the virtual port formalities would bring all workers under an automated system to ease doing business. They said the National Board of Revenue (NBR) has drafted a Tk 5.74 billion (US$72 million) project to set up the NSW for brining all export-import procedures onto one virtual platform. The NSW will allow the parties involved with trade and transport to complete all the related works, including import, export, and transit-related regulatory requirements, through a single virtual window from any place in the country, an NBR Commissioner told the FE. As per the regional-trade-facilitation initiative, the NBR with the financial support of the World Bank (WB) would implement the proposed project to simplify the foreign trade. The NSW is a system meant for enhancing cross-border trade operations by eliminating paper works and reducing time through maintaining up-to-date information. The virtual-platform technology simplifies trade, saves time and money and increases efficiency by submitting export-import documentation and transit-related regulatory requirements through one electronic portal, allowing agencies to easily access information. According to the NBR official, the NSW would be linked with all relevant agencies, including customs of the NBR, Bangladesh Bank, the Bangladesh Investment Development Authority (BIDA), commercial banks, Office of the Registrar of Joint Stock Companies and Firms, and other service-providing agencies for the trans-border trading activity. The NSW would help in clearing cargos and export-import consignments easily at the land ports, he said. The NSW will be a highly extraordinary online platform which will track the cargos or any products for export and import electronically and clear those to the involved businessmen completing procedures within the shortest possible time, the official said. Currently, business people need to complete separate procedures for clearing their goods at the port-entry or-exit points which gobbled up even sometimes 10-15 days. Besides, they face massive hassle in the clearance procedures at the customs points in different land ports in Bangladesh. The NBR Commissioner said neighbouring India and Nepal had already started work to set up the single window to fit in the fast-moving world. Besides, China and South Korea have already set up it for facilitating trade and business. A senior Economic Relations Division (ERD) official said they were working with the WB to get financial support for the NSW project, an initiative under a WB-government plan for establishing regional connectivity. For setting up the NSW, the global multilateral financier is likely to provide Tk 5.00 billion ($65 million) as project aid while the rest Tk 5.39 million will come from internal resources. |
