Bangladesh has drafted the Cross-Border Digital Commerce Policy 2024, marking a significant step towards integrating the economy with the global digital marketplace as it looks to facilitate globally accepted payment methods.
An internationally accepted payment system will be introduced for digital commerce which will be connected to the country’s existing payment systems, according to the policy.
The draft will be finalised after discussions with stakeholders, who were provided the documents yesterday, according to commerce ministry officials.
To ensure reliability in the payment system, a cross-border escrow service will be introduced in coordination with Bangladesh Bank, according to the policy.
Measures will be taken to facilitate the repatriation of export earnings and the payment of import expenses for registered digital commerce enterprises, it said.
To encourage exports, special incentives will be provided if payments are made from abroad and the funds are brought into the country.
During the import of any product or service, the name of the associated marketplace or digital platform must be included on the invoice alongside the buyer’s name to facilitate payments.
In such cases, Bangladesh Bank will issue necessary guidelines in accordance with the Foreign Exchange Regulation Act of 1947.
Additionally, a central coordination committee comprising stakeholders will be formed to facilitate cross-border payments for imports and exports through digital commerce as well as to resolve any related complexities.
The committee will have representatives from the Ministry of Commerce, National Board of Revenue, Posts and Telecommunications Division, ICT Division, Bangladesh Bank, Bangladesh Telecommunication Regulatory Commission and Bangladesh Financial Intelligence Unit. It will also include members of the e-Commerce Association of Bangladesh and Bangladesh Association of Software and Information Services.
The policy added that the trade of counterfeit, substandard, fictional or conceptual products through cross-border digital commerce is prohibited. The organisation, issuance, purchase, sale, or exchange of tickets or tokens for online lotteries, gambling, betting, etc is also prohibited.
The purchase and sale of any products or services that are prohibited under import and export policies is also not allowed.
To conduct cross-border digital commerce activities, the relevant digital commerce institution must obtain a Digital Business Identity (DBID).
In the context of exports through digital commerce, opportunities will be provided through letters of credit or, where applicable, requests or contracts made between the importer and exporter.
Policies will be simplified for cottage, micro, small, and medium enterprises to facilitate the export of small parcels through digital commerce. Necessary operational guidelines will be issued for this purpose.
Financial incentives will be provided for exports through digital commerce, similar to general exports.
To expedite exports, policy support will be provided for the establishment of necessary processing centres and warehouses, both inside and outside the country, through private initiatives, with appropriate monitoring.
Necessary policy support will be provided for drop-shipping, which is the direct delivery of goods from the manufacturer to the retailer or customer.
A sufficient number of digital commerce export zones will be established near the country’s ports for processing goods and services for export.
These export zones will enjoy all the facilities available to other export zones and there will also be trainings for small entrepreneurs.
