‘Cross-border trade crucial for global prosperity’

The continuity of cross-border trade in today’s turbulent world has become a crucial challenge for sustaining global economic growth and prosperity, said Maria Fernanda Garza, chair of the International Chamber of Commerce (ICC).

She made the remarks at the ICC Bangladesh Reception held at the Hotel Westin in Dhaka on 16 October. Garza’s visit to Bangladesh revolved around discussions with sector insiders and her insights into various trade-related issues, said a press release.

Mahbubur Rahman, president of ICC Bangladesh, welcomed Garza to Dhaka and underlined ICC’s mission of making business work for everyone, everyday, everywhere. He highlighted ICC’s influence on international trade rules and its consultative status with global bodies.

This year, ICC Bangladesh celebrates the ICC Court Centenary, established in 1923, focusing on foreign trade promotion, trade policy reviews, legal reforms, and cross-border business standards, he said.

Bangladesh’s remarkable economic growth, transitioning from a least developed country to a developing one by 2026, positions it as the 35th largest economy globally, he said and lauded the government’s commitment to regulatory reforms.

He also emphasised the role of the private sector in infrastructure, energy, and natural resource investment.

Ms Garza stressed the importance of cross-border commerce, especially in today’s uncertain global landscape. Cybersecurity and global cooperation were central themes, given the interconnected world, with practical policies and private sector initiatives essential for maintaining cybersecurity. The ICC’s leading role in reforming the multilateral system, including climate action, environmental preservation, global rules, and digitalisation, was emphasised by Garza.

She also underlined the importance of unity within the business community and ICC’s role in shaping global policies.

Garza praised Bangladesh’s progress, acknowledging its determination, unity, and resilience in the face of challenges, and expressed her commitment to promoting Bangladesh on the global stage. Her visit reaffirmed the ICC’s commitment to global economic development, cooperation, and unity, celebrating Bangladesh’s achievements and resilience.

Salman F Rahman, prime minister’s advisor for Private Industry and Investment, expressed optimism about Bangladesh’s development projects and improved traffic conditions. He highlighted the ICC’s unique status as the only private sector organisation accredited to the United Nations.

Commerce Minister Tipu Munshi welcomed Garza, highlighting their productive discussions on trade and investment collaboration in Mexico. The minister noted the ICC’s role in promoting a free-market economy and collaborating with governments and international institutions, including the UN.

ICC Vice President Naser Ezaz Bijoy delivered the welcome address, emphasising the significance of ICC members in the global economy and their contributions to Bangladesh’s progress and prosperity under their leadership.

ICC Bangladesh President Mahbubur Rahman presented a memento to ICC Global Chairman Maria Fernanda Garza.