Moving Towards Digital Trade Transformation in Bangladesh Prospects and Challenges for Implementing Digital Trade

Abstract

Bangladesh is currently making preparations to transform its entire trade onto a digital platform. Bangladesh is prepared to initiate this transformation through the implementation of logistics, legal, technological, and knowledge-based support mechanisms. This study examines the ways by which the implementation of these supports can be compelled within the structure of international frameworks. To find that possible ways the article seeks to evaluate the evidence that supports including updated laws and regulation, customs house etc., the notion that digital trade is predominantly a tradeable and compatible platform, aligning with the established framework of traditional paper-based transactions. This study employs digital technology to investigate the transformative impact it has had on international trade procedures. This research also investigates the effects of digitization in trade transactions on the global competitiveness of Bangladesh. This research also identifies and analyze the challenges and opportunities associated with the implementation of digital trade in comparison to traditional trade operations, which is associated with the implementation of the Bangladesh Single Window (BSW) system within the entire transformation of trade in ASYCODA (The Automated System for Customs Data) World Systems. The BSW & ASYCODA systems are designed to enhance the interchange of information and promote connectivity between public and commercial trade-related bodies in Bangladesh. To understand the perceptions of the stakeholders’ primary data has collected through a descriptive research where a survey questionnaire has used for this purpose, along with that secondary data sources are also used to achieve the desired outcome. This study finding will enhance our comprehension of the effects of digitization on global trade and offer vital insights that will assist stakeholders in attaining sustainable growth and fostering innovation. The digital trade transition represents a new and promising possibility in the context of Bangladesh in the area of trade transactions. This study identified how a nation undergoes a steady transition from traditional trade practices to digital transformation.