As many countries in the world have already switched over to e-trading, Bangladesh should not lag behind them, they told the inauguration of a two-day workshop on "The Changing Pattern and Associated Risks in International Trade and Role of Arbitration" organised by International Chamber of Commerce-Bangladesh (ICC-B).

"A number of countries have been practising e-business system while others are building infrastructure to support e-commerce. Electronic payment and use of internet are getting popularity in global trade community," ICC-B President Mahbubur Rahman said.

He mentioned lack of backup and legal supports to adopt the system in Bangladesh.

About the changing face of global trading, the ICC-B chief said inability to adjust with the latest changes and shortage of human resources may hinder the country's smooth participation in the modern trading process.

SAA Masrur, acting CEO of Standard Chartered Bank in Bangladesh, said the government should immediately enact a digital law covering internet-based payment and transactions, movement of electronic products and services, cyber right and crimes.

"The business community needs government support to cope with the changing global trade. If the country fails to adopt latest technology in trade it will lag behind others in growth. So the law is important to facilitate trade," he said.

Mamun Rashid, CEO of Citibank NA, Bangladesh, said with the changes in global trading system, disputes are also on the rise. "But the country does not have effective body and law to solve the disputes."

"When such disputes arise the concerned parties get confused whether the central bank, commerce ministry, finance ministry or ministry of law is the appropriate body to deal with the issue," he said calling for enacting and updating laws and developing effective mechanism for dispute resolution.

Responding to the bankers' and business leaders' demand for digital law, Law, Justice and Parliamentary Affairs Minister Moudud Ahmed said it is a new issue and the ministry has to examine it first.

"We are willing to enact such law to facilitate international trade. At present, we are drafting the IT commercial technology law. We are also examining the preparation of the draft of a cyber law," he told the workshop inauguration.

Moudud said the government encourages parties concerned to solve their commercial disputes in arbitration court, which saves time and money. Last year, about 3,000 cases were settled through the alternative dispute resolution system, the minister said.

ICC-B Vice-president Latifur Rahman, among others, was present at the inaugural session of the workshop being participated by some 50 high officials of banks, financial institutions, multinational companies and insurance companies.

The resources persons of the workshop are Ken Stratton, head of Global Sales for International Trade, Supply-Chain Management and B2BeX of Standard Chartered Bank, John Hammond, head of Product Management and Marketing of Exonomy Ltd, a subsidiary of Standard Chartered Bank Group, Neil Daswani, head of Transaction Banking of the bank, and M Moniruzzaman Khan, an eminent lawyer.