Improving business literacy  

The reported move by the ministry of commerce (MOC) to make businesses aware of the many trade deals Bangladesh has inked bilaterally as well as regionally and multilaterally should be welcomed. Though belated, the initiative promises to make the business community conversant with the international trading practices and scenario in order for them to take right decisions. It is true that despite giant strides in communication technology, a section of the business community in the country is still not well aware of the changing business perspective around the globe. As a result, many of them suffer from indecision and more than any thing, they deprive themselves of the benefits they are otherwise entitled to enjoy under a number of bilateral and regional trade deals.

True, Bangladesh does not have many trade deals, still it is highly important that whatever deals are in place should be in the knowledge of the business people. The country is a member of two free trade area (FTA) agreements and three preferential trade agreements (PTAs).  Bangladeshi exportables enjoy duty-free market access to 28 member states of the European Union and 10 other countries including Japan, Australia, New Zealand, Norway and Chile. It has been gathered that the MOC has initiated to publish a booklet that would provide detailed information as regards the trade deals and the benefits that can be availed of by local traders.

While there is no point disputing the good intent, the fact remains that the task is not simple as some media reports have attempted to portray it. This is because there are plenty of areas in the deals that cannot be expected to be elucidated without their clear interpretation. A booklet is fine as a record of the trade deals and related information. But in order that the many pros and cons in the deals and their references to other regional and multilateral deals as well as the  international trading practices enunciated by the World Trade Organisation (WTO) are made clear, such booklet will not be of much use. For the MOC to accomplish its objective, it would be worth its effort if it goes for regular training and dissemination workshops for the business community. The Export Promotion Bureau (EPB) and the Bangladesh Foreign Trade Institute (BFTI) under the MOC could be the appropriate platforms for such events.

At this time of globalised trade and commerce, Bangladesh cannot afford business illiteracy. No country can. In this context, it may be worthwhile to mention that along with the trade agreements, the business community should be familiar with the trading practices in the importing countries. These, among others, include non-tariff measures and various compliance requirements such as those related to standards, testing and quality assurance as per prescribed norms. Lack of knowledge and understanding of the compliance needs has often been found critically responsible for adversely affecting overseas market access. The MOC may look into the matter. Inclusion of the compliance requirements -- destination-wise and product-wise - in the booklet would certainly benefit exporters.