Businesses are facing delay and counting higher costs for complying with customs documentation at the Chattogram Port. Though the authorities have made significant improvements in recent times, at least 72 hours are still needed to clear 50 per cent of imported goods. Businesses alleged some hidden costs are involved to get their goods released from the ports. This pushes up the product prices at the consumers’ end. Chattogram Customs House (CCH) and Chattogram Port Authority (CPA) should take initiative to reduce the time and cost of the trade through borders and ports to help them stay competitive.
Bangladesh Investment Development Authority (BIDA) has revealed that in 38 per cent cases, importers need to spend 72 to 150 hours for documentary compliance. In 12 per cent cases, between 150 and 275 hours are required for processing imported goods. BIDA unwrapped the cost of documentary compliance as US$ 0.589 per bill of entry of imported goods. Completion of documentary compliance for exports needs up to 24 hours including borders that needs up to 22 hours. Customs is not alone responsible for the delay in trading across the border as some 60 entities are involved in export-import trade. The customs authority has automated most of its functions, including e-payment but traders cannot reap the benefit of this as other entities are yet to automate their activities. Customs has signed an agreement with 38 relevant entities to implement the National Single Window (NSW) project, which would allow the traders to get services under one roof.
The existing time and costs needed for the release of goods are much higher than those of the other regional rivals, including Vietnam. In Vietnam, it takes 48 hours to enter the imported goods to the factory after release from ships in customs ports. An efficient and modern trade facilitation regime is vital for Bangladesh to diversify its export base and enhance competitiveness in global markets.
Source : The Daily New Nation
