Digital Trade Week begins emphasising on FTA
Digital Trade Week organized by Merchant Bay, an online B2B trading platform kicked off with a webinar titled "Digital Trade in Global Perspective," in the capital on Thursday.
The inaugural webinar underscored the need for adaptation of the Trade Facilitation Agreement (TFA) by the developing countries like Bangladesh.
World Trade Organization (WTO) trade policy analyst Mena Hassan, BGMEA (Bangladesh Garment Manufacturers and Exporters Association) President Dr. Rubana Huq, JETRO (Japan External Trade Organization) Bangladesh Country Director Yuji Ando, Policy Exchange of Bangladesh Chairman Masrur Reaz, New Vision Solutions Limited Managing Director Tareq Rafi Bhuiyan were present as the panelists at the webinar hosted by Merchant Bay Managing Director Abrar Hossain Sayem.
Mena Hassan said, "We all know that Digital economy has become the center of our economy. B2C sales and increase in B2B. This activity will engage many countries with WTO. With the Access to online so many people from all around the world can work to emphasis the international collaboration as well as the local infrastructure development.
"Trade Facilitation Agreement - TFA has some unique facilities for developing countries like Bangladesh, because TFA is crucial for Bangladesh. Since 2016 Bangladesh is implementing one third of the 36 measurements."
BGMEA Chairman Dr. Rubana Haque said, "Bangladesh government has trust on digital platform. Bangladesh is in the RMG industry for about four decades. Bangladesh can come up with their own branding. Bangladesh has potential to enter digital platform. Bangladesh can come up with their own.
Digital trade is all about trust. There is no lack in understanding that the whole world has become digital. There is no alternatives of digital trade. We need to come out together to brand our nation."
Yuji Ando, Country Director of Japan External Trade Organization Jetro Bangladesh, said, "China's cross-border e-commerce is worth 350 billion. From this we can easily guess the potential of digital trade. However, in this case, it is important for the buyer and supplier to have a trust and transparency.
"In addition, small and medium entrepreneurs should be brought under the digital channel on the basis of private-public partnership and emphasis should be laid on infrastructure development so that everyone can take full advantage of this opportunity and leverage the B2B platform."
Chairman of the Policy Exchange of Bangladesh Masrur Reaz said, "Digital trade requires digital literacy. Global innovation is also important for Bangladesh because here Bangladesh stands out 116 out of 190."
This is the first time that such an event is being held in Bangladesh to promote digital trade and initiate digitization of trade in the readymade garments sector. Merchant Bay, the organizer of the event, hopes that such an event will play an important role in expanding Bangladesh's export sector. The event will run until October 21, 2020.