International Chamber of Commerce Bangladesh (ICCB) has hosted a workshop on digitalising international trade, aiming to streamline trade processes through digital transformation.

The event, held at a city hotel, saw nearly 200 participants from banks and various organisations on Monday.

State Minister for Finance Waseqa Ayesha Khan attended the workshop as chief guest. She highlighted the benefits of digital trade, stating, “Digital records would be instantly and seamlessly transmitted, verified, accessed, and stored, leading to faster and more secure transactions. This would reduce the administrative burden and eliminate errors caused by manual data entry.”

The workshop, jointly organised by ICC Bangladesh and the ICC Digital Standards Initiative (DSI), was sponsored by the ADB Trade and Supply Chain Finance Program (TSCFP), the US Department of State, and the International Islamic Trade Finance Corporation (ITFC). Standard Chartered Bank served as the knowledge partner.

The state minister emphasised the need for enhanced digital infrastructure to support efficient paperless trade. She assured that the government would draft and approve necessary legislation in consultation with relevant stakeholders.

ICC Bangladesh President Mahbubur Rahman underscored the importance of adopting globally recognised digital standards promoted by the ICC DSI. He stated, “By streamlining trade processes and reducing paperwork, we can achieve faster processing times, lower costs, and fewer errors. Embracing technologies such as blockchain and artificial intelligence will keep Bangladesh at the forefront of trade advancements.”

The ICC Bangladesh president added that aligning with global standards would ensure Bangladesh’s trade regulations are compatible with international best practices, facilitating easier cross-border operations for businesses.

ICC Bangladesh Banking Commission Chairman Muhammad A (Rumee) Ali highlighted the potential of trade digitalization to reduce data mismatches and stressed the importance of cyber security and data protection.

The workshop’s opening session was moderated by ICCB Secretary General Ataur Rahman. Key speakers included Pamela Mar of the ICC DSI, Iftekhar Alam of ITFC, Dr. Rupa Chanda of UNESCAP, Edimon Ginting of ADB, and Naser Ezaz Bijoy, vice president, ICC Bangladesh and CEO of Standard Chartered Bank.