• Sunday, Sep 19, 2021
  • Last Update : 10:33 am

ED: Simplifying trade for trying times

  • Published at 08:20 am July 16th, 2021
Businesses during pandemic
BIGSTOCK

This is definitely an area where Bangladesh too could see much improvement

While the Covid-19 pandemic has been one of the most difficult challenges that the world has had to overcome, this dark time has also allowed us to change and adapt in ways we never thought possible -- ways which have great benefit for the world once the pandemic finally comes to an end.

Some of these changes have come about in international trading, where economic activities within and outside borders has been sustained through the implementation of measures which not only prevent the coronavirus from spreading, but also increase efficiency.

This has been achieved by simplifying and digitizing formalities in international trading, which is oftentimes bogged down by frustrating bureaucratic red tape and the use of redundant physical meetings and documents which waste time, increase cost, and decrease overall efficiency.

According to the United Nations Survey on Digital and Sustainable Trade Facilitation, produced by several economic commissions across the world, there has been widespread implementation of such policies, especially in Asia and the Pacific, and this is definitely an area where Bangladesh too could see much improvement.

One of the ways that nations have eliminated inefficiencies has been through the implementation of paperless trade measures, reducing contact between people and reducing the spread of the coronavirus, another area in which we would do well to implement policies which improve the situation.

At the end of the day, as a nation that has continuously ranked low in the Ease of Doing Business Index, our primary goal within the economy and outside should be focused on creating an environment that makes things easy, instead of one that creates more barriers towards progress.

It is the only way we can achieve sustainable development moving forward, especially in an era affected by the pandemic. 

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