Bangladesh’s Garment exporters can now expect seamless and speedy exports after an MoU was signed to expedite the process of clearing imported and exportable goods under a National Single Window (NSW) scheme, between 38 Government bodies and private sector agencies recently
“This is potentially a significant and vital step to facilitate trade,” reportedly maintained Bangladesh Finance Minister AMA Muhith at the MoU signing ceremony in capital Dhaka. He added, “Implementation of the NSW will be beneficial for the businesses”.
Under this new initiative, businesses would have to submit import and export related information through the electronic gateway to the concerned authorities only once to ensure consignments (related to import/export) are released from the post.
Speaking to media, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Shafiul Islam Mohiuddin said, “As I understand, we will get a relief from submitting multiple documents thanks to the introduction of the NSW”.
As per reports, once fully implemented, the NSW would bring down the average processing time for exports to 88 hours while that for imports, the same is expected to come down to 122 hours, as it would electronically connect all the 38 entities. The move will benefit around 3,19,000 entrepreneurs in the country by cutting down on time and cost.
It may be mentioned here that process related delays pertaining to import of raw materials and export of apparel items has been a major concern for the RMG sector, which had to incur losses many a times subsequent to failure to meet production and shipment deadlines due to delay in processing.
Estimated at US $ 74 million, the National Single Window scheme is undertaken by the Government to facilitate speedy export/import, and is funded by the International Finance Corporation (IFC) and the UK’s DFID.