From 2022, Chittagong will be forced to use electronic payments! Japan-Korea trade relations will usher in new developments
Bangladesh has mandated the payment of tariffs, fees and charges of any kind related to import and export trade through the Chittagong Customs (CHC) electronic payment method.
CHC stated in a notice that from January 1, 2022, it will no longer accept manual payments. It also stated that importers and exporters will be responsible for the delay in the delivery of goods caused by the failure to make electronic payments.
Starting from July 1, Chittagong has made it mandatory to use electronic payments when the value of payments exceeds US$2,500, in order to provide faster services to Chittagong users. Mainly clearing and transshipment (C&F) agents make such payments on behalf of importers and exporters. The electronic payment system is also designed to help prevent tax evasion by port customers.
The person in charge of the port stated that the government is trying to provide faster services to Bangladeshi port customers through digital payment and delivery. Therefore, all services are phased into the paperless system.
The Chittagong Port Authority (CPA) recently put forward a mandatory requirement to submit delivery orders electronically as part of the digitization of various services. Starting from December 1, six top shipping agents-APL Bangladesh, Maersk Bangladesh, Continental Traders BD Ltd, Continental Traders, Ocean International Ltd and Mediterranean Shipping Bangladesh Co., Ltd., have been required to submit delivery orders online. The remaining freight forwarders will be required to do the same thing in stages.
In the absence of an electronic bill of lading system, the representative of the C&F agent will personally go to the shipping agent or freight forwarder’s office to pick up the bill of lading in order to pick up the imported goods.
According to the RCEP policy, South Korea and Japan established a free trade relationship for the first time
The 15-nation free trade agreement that lasted for 8 years will be gradually implemented. First of all, 10 countries including China, Japan, New Zealand, Australia, Singapore, and Vietnam have made it clear that they will start implementation on January 1 next year. The remaining countries are promoting various audits, such as South Korea.
According to news from the Ministry of Trade, Industry and Energy of South Korea, the "Regional Comprehensive Economic Partnership Agreement" (RCEP) will officially come into effect for South Korea on February 1 next year after being approved by the South Korean National Assembly and reported to the ASEAN Secretariat.
It is reported that the South Korean National Assembly approved the agreement on the 2nd of this month, and then the ASEAN Secretariat reported that the agreement will take effect for South Korea in February next year, 60 days later.
As the world's largest free trade agreement, South Korea’s exports to RCEP members account for about half of South Korea’s total exports. After the agreement takes effect, South Korea will establish a bilateral free trade relationship with Japan for the first time.
According to South Korea, business transactions with RCEP member states predict that the scale of export trade will be close to 270 billion U.S. dollars, which will account for nearly 50% of the country’s export business.
It is reported that thanks to the blessing of RCEP, Japan will establish a bilateral free trade relationship with South Korea for the first time, and more than 80% of the products of the two countries will be "duty-free." However, considering the direct competition between Japan and South Korea in the automobile and machinery industries, South Korea has not released restrictions on these industries. Earlier, South Korea issued a report stating that 20 years after RCEP takes effect, the country’s annual GDP growth rate will increase by 0.14%.