Dhaka, Bangladesh (CU)_ Bangladesh and The European Union (EU) have decided to establish a joint committee to investigate the challenges in the seamless customs clearance and the benefits of a streamlined approach for both express and non-express air cargo. The delay in the discharge of goods at ports is a long-standing issue faced by the exporters and importers.
At the 7th EU-Bangladesh Business Climate Dialogue (BCD) in Dhaka, it was decided to establish a joint committee for customs clearance. Under the shipping and logistics sector, both parties agreed to expedite the elimination of idle containers from the Chittagong Port premises in order to increase cargo-handling capacities and enhance health and safety conditions at the port, which is the major gateway for Bangladesh’s trade with the EU.
The two parties announced in a joint statement that authorisation will be granted for the exchange of empty containers between the Dhaka rail and river ports. According to local media reports, Bangladesh has agreed, as requested by the EU, to conduct a cost-benefit analysis of up to 100 percent foreign direct investment in the country’s logistics industry.
Green business practices is a new BCD subject. The EU team informed Bangladesh about the forthcoming supply chain due diligence standards in Europe and urged adaptable actions with the goal of guaranteeing seamless commerce with the EU, which is Bangladesh’s largest export market. The EU side discussed two upcoming proposals at the conference. The first one is EU-Bangladesh Meaning Business, which was created to commemorate the 50th anniversary of diplomatic ties between the EU and Bangladesh. Its objective is to discover under-explored business sectors where close cooperation between both parties might be mutually advantageous.
The formation of the European Union Chamber of Commerce (Eurocham) in Bangladesh is the second objective. It strives to develop links between both sides’ private sectors. It would also aid Bangladesh’s transition to the EU’s post-Everything but Arms trading policy. In 2021, Bangladesh’s exports to the EU were nearly €16 billion, while its imports from the bloc totaled €3 billion.
