Digitalising international shipping documents could generate an annual growth of US$30-40 billion in Bangladesh’s international trade, said experts.

They made the remarks at a roundtable discussion organised jointly by ICC Bangladesh and ICC Digital Standards Initiative (DSI) of International Chamber of Commerce at a hotel in Dhaka on Sunday.
The event was sponsored by ADB TSCFP along with US Department of State (US DoS) and ITFC of Islamic Development Bank while Standard Chartered Bangladesh was the knowledge partner.
The speakers underscored the transformative potential of paperless trade for economies worldwide.

ICC Bangladesh President Mahbubur Rahman said that digitalisation enhances efficiency, reduces costs, and broadens market access.
He introduced the Digital Standards Initiative (DSI), a global effort based in Singapore and supported by entities such as the Asian Development Bank (ADB) and the World Trade Organisation (WTO).
“By adopting digital trade solutions, businesses can manage the challenges of international markets more effectively and sustainably,” Mahbubur Rahman said.

He said DSI is backed by an International Governing Board composed of leaders from the International Chamber of Commerce (ICC), Enterprise Singapore, the Asian Development Bank, the WTO and the World Customs Organisation.

He said, “Every year, ocean carriers issue about 45 million bills of lading, a crucial shipping document. Many international shipping documents are still not standardised and mostly paper-based, needing physical exchanges.”
Using electronic bills of lading (eBLs) will speed up transactions, save costs (like reducing administrative expenses for cargo handling and document processing), and reduce fraud risks with digital authentication, the ICC Bangladesh president said.

Citing from A McKinsey study during the event, he said that 100% adoption of eBL could unlock $30-$40 billion in global trade growth by reducing trade friction.
This shift could also save 28,000 trees annually and significantly cut carbon emissions, ICC Bangladesh chief added.
He said Bangladesh ratified the UNESCAP Framework Agreement on Facilitation of Cross-Border Paperless Trade in 2020.

Mahbubur Rahman said ICC Bangladesh, in collaboration with ADB and ITFC, is spearheading the DSI initiative in the country.
The roundtable marks the first step in introducing DSI, with plans to draft rules and regulations aligned with global digitalisation trends by 2027.
Adviser to the Prime Minister for Private Industry and Investment Lawmaker Salman Fazlur Rahman MP highlighted Bangladesh's progress in digitalisation under the leadership of Prime Minister Sheikh Hasina.

He noted the substantial GDP growth and the development of robust digital infrastructure, including optic fibre networks and submarine cables.
Salman F Rahman said one of the most important components of digitalisation is interoperability.

Highlighting on Bangladesh’s success in creating an enabling atmosphere for digitalisation, he said, “Bangladesh is making rapid progress in establishing digital and cashless Bangladesh. However successful international digital trade depends on other countries too.”
“International trade is not only dependent on Bangladesh, but also dependent on the counterparts who also have to make various reforms,” PM’s private industry adviser said, adding that there are also some challenges rising from developed countries.

“Now we are seeing more and more protectionism, especially from the United States. We are even seeing that in Europe,” he said.
Rahman added that with the rise of technologies there are growing concerns with cyber defence.

He said artificial intelligence (AI) is now evolving faster with exponential growth in its IQ level.
Regarding the export data mismatch among National Board of Revenue (NBR), Bangladesh Bank (BB) and Export Promotion Bureau (EPB), the adviser said the EPB has double counted the value of merchandise sent abroad from the export processing zones (EPZs).

“The mistake which EPB made was double counting the export from the export processing zones.”.
Edimon Ginting, ADB Country Director of Bangladesh Resident Mission, said effective digitalisation of trade will increase growth and create jobs by expanding access to global trade networks for developing economies.

Rupa Chanda, UNESCAP Director of Trade, Investment, and Innovation Division, underscored that digital trade is crucial not only for Bangladesh but also for global trade efficiency and sustainability.
She said, “Bangladesh, in particular, stands to benefit significantly from these advancements. The country could reduce trade costs by 11-12% and gain an additional $0.6 billion in exports by embracing digital trade processes.”