EU, Bangladesh to form committee to ease customs clearance at ports

The decision to form the joint committee on customs clearance came at the 7th EU-Bangladesh Business Climate Dialogue (BCD) in Dhaka.

In shipping and logistics, both sides agreed to accelerate the removal of idle containers from the Chittagong Port premises to ramp up cargo-handling capacities and improve the health and safety situations at the port, the largest gateway for Bangladesh's trade with the EU.

In a joint statement, the two sides said approval would be issued for the interchange of empty containers between Dhaka rail and river terminals.

Bangladesh has agreed, as suggested by the EU, to launch a survey to assess the costs and benefits of up to 100 per cent foreign direct investment in the logistics sector in the country, media reports in the country said.

Green business practice is a new topic in the BCD. And the EU delegation told Bangladesh about the upcoming supply chain due diligence requirements in Europe and encouraged adaptive actions with a view to ensuring smooth trade with the bloc as the largest destination for the country's exports.

The EU side informed the meeting about two upcoming initiatives. One is named EU-Bangladesh Meaning Business, conceived to mark the 50th anniversary of the EU's diplomatic ties with Bangladesh. It aims at showcasing commercial sectors that are under-explored and where closer collaboration between both sides could be mutually beneficial.

The second is the establishment of the European Union Chamber of Commerce (Eurocham) in Bangladesh. It aims at building bridges between the private sectors of both sides. It would also help navigate Bangladesh's transition to the post-Everything But Arms trade regime in the EU.

Bangladesh’s exports to the EU amounted to around €16 billion in 2021 and its imports from the bloc were worth €3 billion.

Fibre2Fashion News Desk (DS)