Everyone should work in a coordinated manner to deal with the post-graduation challenges Bangladesh may face once it leaves the group of least-developed countries (LDCs), according to the Business Initiative Leading Development (BUILD).
After Bangladesh graduates in 2026, the country's export earnings could shrink by about $7 billion as it will lose many of the trade benefits enjoyed by LDCs, including preferential market access to a number of major export destinations.
"We need to be prepared for that and start working in a coordinated manner to stave off the potential negative impacts," said BUILD Chief Executive Ferdaus Ara Begum in a press release.
She was speaking at a virtual event on "health safety for business continuity and trade facilitation during the pandemic", at the Dhaka Customs House.
The BUILD and the International Finance Corporation organised the event to inform service providers and service-seekers on how to maintain health safety measures while running their businesses even in the post Covid-19 era to mitigate export losses.
The Customs House Dhaka clears 3,000-4,000 bills of lading every day while minimising risks and ensuring quality so that Covid-19 exemptions are not abused, said Muhammed Mahbubur Rahman, additional commissioner of the Customs House.
A bill of lading is a title document, a receipt for shipped goods and a contract between a carrier and shipper.
The Customs House is working hard to maintain Bangladesh's trade growth, manage the supply chain and prevent revenue collection from falling, Rahman said.