Increasing the volume of trade

1

When Bangladesh is set to from the United Nations’ list of least-developed countries in 2026, it would lose preferential access to many of its global trading partners, including the United States and the European Union. Bangladesh must immediately broaden its export markets to include its neighbors, as well as diversify its exports away from readymade garments and toward more varied exports. For a variety of reasons, this will be difficult to accomplish. the fact that Bangladesh has 23 border crossings, commerce with its neighbors amounts for barely 10% of the country’s total trade. Underdeveloped customs stations, out-of-date policies and operations, and bureaucratic government institutions all contribute to the difficulty of conducting business with neighbors.

According to an ADB research, underdeveloped facilities at border result in an average time required from entry to exit of around 4 hours for and 3–6 hours for export at such as Akhaura, Sonamasjid, and Tamabil.

This time is spent waiting for inefficient operations to be performed, which accounts for approximately half of total time. The trading of perishable items is impossible under such sluggish and unpredictable conditions.

Leave A Reply

Your email address will not be published.