How to Strengthen Trade Facilitation Reforms

Abstract

The issue of trade facilitation has come to the fore since the inception of World Trade Organisation (WTO) to promote freer trade globally. As it reduces costs of trade including export and import, and thus enhances socio-economic benefits such as job creation and raising standard of life, Bangladesh needs to take it seriously for future gains. However, various stakeholders often find the issue of trade facilitation as ambiguous and it is important to have clear understanding of trade facilities for acting properly. The term 'trade facilitation' refers to simplification, harmonisation and automation of international trade procedures, particularly import and export procedures, transit requirements and procedures applied by customs and other agencies.