Trading Across Borders: Initiatives Agreed
To improve the current score of Trading Across Borders from 31.76 to the expected score of 84.33, the total cost and time for Trading Across Borders need to be reduced. Initiatives have already been taken for reducing time and number of processes associated to administrative requirements of border compliance from 168 hours to 36 hours for Export and 216 hours to 72 hours for Import. Also initiatives for reducing time and number of processes associated to administrative requirements of documentary compliance from 147 hours to 2 hours for export and 144 hours to 24 hours for import have also been taken. Other initiatives include, amending Customs Act and import-export policy order 2015-18 for reducing cost of border compliance for export from USD 408 to USD 200 and for import USD 900 to USD 180-210 and also reducing cost of documentary compliance for export from USD 225 to USD 100 and for import from USD 370 to USD 50.
The following are proposed recommendations for the improvement of “Trading Across Borders” indicator in Bangladesh: