Experts for efficient cross-border trade to make LDC graduation smooth

Experts at a workshop laid emphasis on implementation of improved and efficient cross-border trade for the country’s LDC graduation process.

They made the suggestion at a workshop on ‘Global Banking Commission Outlook, DSI, Compliance and Trade Finance Risk Management for the Bankers of Bangladesh’ in the city on Thursday, said a press release today.

International Chamber of Commerce (ICC) – Bangladesh organized the event at ICC HQs, Paris.

The workshop was sponsored by ODDO BHF SE Bank, Frankfurt, Germany.

The speakers of the workshop were Tomasch Kubiak, Policy Manager of ICC Global Banking Commission; Thomas Kuerten, International Banking Sales/Senior Regional Manager at ODDO BHF SE Bank; Sabio Jin, Senior Partner of Jincheng Tongda and Neal Law Firm, Beijing; Dr. Shah Md. Ahsan Habib, Professor of Bangladesh Institute of Bank Management (BIBM) and Dr. Mostafa Abid Khan, Component Manager, Support for Sustainable Graduation Project (SSGP), Economic Relations Division, Ministry of Finance.

ICC Bangladesh Secretary General Ataur Rahman, in his opening remarks, said that Bangladesh’s economy has increasingly been getting involved in international trade transactions, and as such improved and efficient cross-border trade will have notable implications for the country’s LDC graduation process.

The regulatory environment entails greater involvement of the trade finance banks having greater risks, he added.

In the context of growing business complexities, higher compliance requirements, widespread technological adoption, high market expectations, and growing financial crimes, trade finance is becoming increasingly challenging to the banks of the country, he said.

He mentioned that compliance and risk management must remain at the heart of the trade finance operations.

“As global regulatory frameworks become more stringent, our banks and financial institutions must strengthen their due diligence processes, adopt robust risk management frameworks, and enhance transparency to mitigate financial crimes and ensure long-term sustainability, he added.

The objective of the workshop was to discuss on global financial landscape, macro economy and geopolitics, compliance, global digitalisation trends and initiatives linked to MLETR digitalizing of international trade.

A total of 96 participants from 26 Banks including Bangladesh Bank (central bank), BIBM, KAFCO and some clients of Mutual Trust Bank attended the workshop. (BSS)