Businesses are likely to get the privilege of doing any business procedures sitting at home as the government has agreed to establish the National Single Window (NSW) in the country.
Once the NSW – the virtual platform is established, it is expected to improve trade facilitation and reduce the cost of doing business since everything will be done online connecting different government entities.
The system will enhance trading operations by eliminating paper works and reducing timescales through keeping the information up-to-date.
At an inter-ministerial meeting in early July, stakeholders, including representatives from NBR, the Ministries of Commerce, Finance, Information and Communication Technology, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the World Bank (WB) agreed to establish NSW, recommended by the World Bank.
The NSW would be established under the Regional Connectivity Project of the World Bank.
The customs wing of National Board of Revenue (NBR) will act as the lead agency for setting up the NSW, officials said, adding that the customs will provide services to investors, entrepreneurs, exporters and importers in the NSW.
NSW is a facility that allow parties involved in trade and transport to lodge standardised information and documents with a single entry point to fulfill all import, export, and transit-related regulatory requirements.
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.
The NSW will be linked with customs of NBR, Bangladesh Bank, Office of the Registrar of Joint Stock Companies and Firms, banks, Board of Investment and other service-providing agencies.
The government will also form a National Council for Trade and Transport Facilitation under the Cabinet Committee on Economic Affairs to coordinate among stakeholders in dealing with different issues on trade and transport.
The Federation of Bangladesh Chamber of Commerce and Industry Director Abdul Haque told the Dhaka Tribune the establishment of NSW is a good decision if considered from an ideal perspective.
“Now, we have to go through many places to complete a customs procedure, but once the NSW is established, it will facilitate trade largely as businesses can complete customs and other procedures through one single platform,” he said.
The businessmen, however, said the government has to be aware and conscious to implement the plan properly.
“Earlier, the Board of Investment introduced one stop service, but it did not work out properly, neither did it help businesses. So, the government and implementing agencies have to be aware about implementation of NSW effectively,” he added.
Source: Dhaka Tribune