Business leaders at a seminar organised by apex trade body FBCCI on Sunday urged the adoption of updated risk management systems in customs and ports operation systems to reduce the time and cost of export-import trading.

They emphasized a major reform in the next ‘Import Policy Order’ and lifted the 100 percent inspection requirement for importing agricultural and food products.

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The businesses said this in a seminar on international trade ‘Issues of Cross-border Trade: Importance of Risk Management System in Supply Chain of Agro Products’ organized by FBCCI.

The Bangladesh Trade Facilitation (BTF) project organized this seminar jointly with FBCCI, funded by USDA (United States Department of Agriculture), held at the FBCCI Auditorium, in Motijheel on Sunday.

Agriculture Minister Dr. Mohammad Abdur Razzaque was present on the occasion as the chief guest. He highlighted the country's self-sufficiency in food grains and the government's efforts to modernize and commercialize the agriculture sector.

He announced plans to allocate space near the capital for testing agricultural products, aiming to streamline the clearance process and minimize time and cost for traders.

Dr Mohammad Abdur Razzaque also indicated that the Government is willing to take any reform to enhance the quality of exports of the country. Implementing risk management can impact Bangladesh’s branding as a trusted agro-trading partner and can be beneficial in the post-LDC graduation context.

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Earlier in his speech, FBCCI President Mahbubul Alam said, "There has been a revolution in agriculture in the past year. The government is working to reduce the issues related to cross-border trade. We will soon discuss with the government to facilitate trade.”

Risk Management is a new concept in Bangladesh and BTF is here to support the government and private sector to understand and introduce it systematically with all legal and institutional backup, mentioned Michael J Parr, Project Director, USDA-funded Bangladesh Trade Facilitation Project (BTF).

The keynote paper presented at the program highlighted the physical inspection and testing requirement of 100% of agro and food products, without analyzing and assessing associated risks is unscientific and impractical. Risk management is a widely used international best practice that creates a balance between facilitation and control by expediting the release of low-risk products and imposing stringent interventions on high-risk ones.

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FBCCI Senior Vice President Md. Amin Helaly, Vice President Md. Khairul Huda Chopol, Anwar Sadat Sarker, Dr. Joshoda Jibon Deb Nath, Shomi Kaiser, Md. Munir Hossain, FBCCI Panel Advisors, Directors, former Directors, and other Business Dignitaries were present at the program.