Dhaka: Experts at a workshop emphasized the need for implementing improved and efficient cross-border trade to aid Bangladesh's transition out of the Least Developed Country (LDC) status.
According to Bangladesh Sangbad Sangstha, the suggestion was made during a workshop titled 'Global Banking Commission Outlook, DSI, Compliance and Trade Finance Risk Management for the Bankers of Bangladesh.' The event took place at the ICC HQs in Paris and was organized by the International Chamber of Commerce (ICC) - Bangladesh. The workshop was sponsored by ODDO BHF SE Bank, based in Frankfurt, Germany.
The workshop featured speakers such as 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 in Beijing; Dr. Shah Md. Ahsan Habib, Professor at the Bangladesh Institute of Bank Management (BIBM); and Dr. Mostafa Abid Khan, Component Manager for the Support for Sustainable Graduation Project (SSGP) at the Economic Relations Division, Ministry of Finance.
ICC Bangladesh Secretary General Ataur Rahman, in his opening remarks, highlighted that Bangladesh's economy is increasingly engaging in international trade transactions. He noted that improved and efficient cross-border trade will have significant implications for the country's LDC graduation process. Rahman also pointed out that the regulatory environment requires greater involvement from trade finance banks, which face higher risks.
He further explained that in the face of growing business complexities, compliance requirements, technological adoption, market expectations, and financial crimes, trade finance is becoming more challenging for the banks in Bangladesh. Rahman stressed that compliance and risk management should be central to 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 workshop aimed to discuss the global financial landscape, macroeconomic and geopolitical issues, compliance, global digitalization trends, and initiatives related to the digitalization of international trade through the Model Law on Electronic Transferable Records (MLETR).
The event was attended by 96 participants from 26 banks, including Bangladesh Bank (the central bank), BIBM, KAFCO, and some clients of Mutual Trust Bank.