Bangladesh Bank has opened a new horizon in Bangladesh's export sector. By relaxing foreign exchange restrictions, the central bank has given the country's exporters the opportunity to sell products directly to foreign consumers through international online marketplaces and digital platforms.
As a result, cross-border e-commerce activities will further expand and it will be easier for small and medium entrepreneurs to enter the global market, according to those concerned.
Bangladesh Bank issued a circular in this regard on Monday (June 15).
It said that this initiative has been taken to facilitate business-to-consumer (B2C) based export activities and expand digital trade.
Under the new guidelines, Bangladeshi exporters will be able to list and display their products on internationally recognized online marketplaces and digital sales platforms.
Through this, foreign buyers will get the opportunity to purchase Bangladeshi products directly.
According to the circular, exporters can export small goods worth up to $5,000 per consignment on CFR (Cost and Freight-CFR) terms.
In addition, the obligation to submit EXP form has been relaxed for export consignments worth up to $1,000.
However, the entire amount of such exports must be received in advance through an approved banking channel or a valid digital payment system.
In addition, to further accelerate cross-border e-commerce, shipping documents have also been allowed to be issued directly in the name of foreign buyers.
As a result, the process of sending products directly to foreign consumers will be easier and faster.
The Bangladesh Bank directive also states that foreign buyers will have the opportunity to refund money in case of product returns, damaged products or complaints about the quality of the products.
At the same time, permission has also been given to legally send money abroad for the purpose of paying subscription, registration, membership and other service fees required to operate a business in an international online marketplace.
Traders and e-commerce stakeholders say that until now, most entrepreneurs had to rely on the 'business-to-business-to-consumer' (B2B2C) model to enter the international market.
That is, they had to send products abroad in advance and sell them through local distributors or platforms. As a result of the new policy, Bangladeshi entrepreneurs will get the opportunity to sell products directly to global consumers.
According to them, this initiative will play an important role in increasing exports, especially of small and medium entrepreneurs, handicrafts, leather products, clothing, home decor, agro-processed products and other specialized products.
The stakeholders also believe that at this time of rapid expansion of digital trade worldwide, the policy support of Bangladesh Bank will make the country's export sector more competitive.
