Bangladesh achieves high growth for business-friendly policies: Tipu

Commerce Minister Tipu Munshi on Sunday said Bangladesh has achieved high economic growth due to strides by finding new markets for its exports, attracting large number of foreign investors and investing in a variety of mega modernization projects.

“Bangladesh’s economy in 2019 made remarkable achievements. We have achieved 8.15 percent GDP in the fiscal 2018-2019 which has been considered by Asian Development Bank (ADB) to be the fastest-growing economy in the Asia-Pacific Region,” he said.The minister said this while speaking as the chief guest at the opening function of a workshop on “New Incoterms 2020 Rules” at a hotel in the city, said a press release, reports BSS.

International Chamber of Commerce Bangladesh (ICCB) organized the workshop. Due to investment friendly environment of the government, Tipu said, Foreign Direct Investment (FDI) increased to 5.36 per cent year-on-year during July-October period of the fiscal 2019-20.He said Bangladesh has been following all international trade tools for its export and imports, Incoterms (International Commercial Terms) rules are one of them.

“The rules are internationally accepted standards which define the responsibilities of sellers and buyers for the delivery of goods under sales contracts. As Bangladesh’s trade is expanding year-on-year, the practice of Incoterms 2020 will be essential,” he added.

Among others, ICCB President Mahbubur Rahman, ICCB Banking Commission Chairman Muhammad A (Rumee) Ali and MTB CEO MD Syed Mahbubur Rahman also spoke on the occasion.Mahbubur Rahman said the global economic growth has given most businesses greater access than ever before to markets all over the world.

“As a result goods are sold today in more countries, in larger quantities, in greater variety, and at a faster pace. But as both the volume and complexity of global trade increase, so do possibilities for misunderstandings and costly disputes when sale contracts are not adequately drafted,” he added.

He said the ‘Incoterms 2020’ rules take account of the increased attention to security in the movement of goods, the need for flexibility in insurance coverage depending on the nature of goods and transport and the call by banks for an on-board bill of lading in certain financed sales under the FCA rule.

“After the first introduction of Incoterms in 1936, the first revision occurred in 1957 and thereafter in 1967, 1974, 1980, 1990, 2000, 2010. The latest version 2020 Incoterms has become effective globally from 1 January 2020,” he added.
Syed Mahbubur Rahman thanked ICC Bangladesh for organizing the Workshop, which is being attended by bankers and others.

He emphasized the need for having appropriate technical know-how for safeguarding the international trade transactions.He reiterated that the new rules have taken into account of increased attention to the security in the movement of the goods, the need for flexibility in insurance coverage, and the introduction of on-board bill of lading under FCA rules are just to mention a few.

(AA)