Commerce Minister Tofail Ahmed has said Bangladesh is now more capable to expand its contribution to the world trade as it has achieved the capacity of paperless trade.
"As the first country, Bangladesh signed the Framework Agreement on Facilitation of Cross-Border Paperless Trade in Asia and the Pacific under a decision of the World Trade Organisation (WTO) on August 29," he said.
The minister stated this while speaking the second plenary session titled "Strengthening Economic Connectivity" of the Seventh Economic Ministers' Meeting (EMM) of the Asia Europe Meeting (ASEM) at South Korean capital Seoul on Friday, said a press release, reports BSS.
The topic of the commerce minister's speech was "Euro-Asia Connectivity: E-commerce and Digital Trade".
Tofail said Bangladesh will become a digital middle income country by 2021 when the export earnings will be more than US$60 billion.
"Bangladesh has taken different initiatives in the Seventh Five Year Plan (SFYP) by prioritizing different sectors, including information and technology, to increase the number of export products and expand export market," he added.
The commerce minister called for enhancing cooperation among the ASEM member countries to enhance trade and commerce in the Asia and Europe regions.
"We will have to reduce trade complexity, ensure available energy and increase the communication among people of the both regions," he added.
Among others, South Korean Trade, Industry and Energy Affairs Minister Ungyu Paik and Malaysian International Trade and Industry Minister Ka Chuan Ong spoke on the occasion.
ASEM, is comprised of 22 Asian and 31 European countries, including ASEAN and the European Union, and accounts for 59 percent of the world's population, 65 percent of global trade and 57 percent of world gross domestic product (GDP).