The Bhutan Trade Information Portal (TIP), a new resource for exporters and importers was launched yesterday in Thimphu.
TIP has information on export development, market information, trade facilitation and export promotion.
The information is drawn from the databases updated and maintained by the International Trade Centre (ITC) at Geneva. Local data will be updated and maintained by the economic affairs ministry.
“It is expected to ease the flow of information, boost domestic and international trade and empower decision-makers in taking appropriate policy decisions,” a press release from the economic affairs ministry stated.
The portal will provide entrepreneurs with instant access to essential and strategic trade information needed to secure deals in the international markets.
With this launch, officials said businesses will be able to understand about the latest trade regulations including trade agreements, export procedures and market access requirements, that have to be met for engaging in international trade.
TIP is a collaboration between the Department of Trade under the economic affairs ministry, the ITC and the European Union (EU).
Economic Affairs Minister Loknath Sharma, Ambassador of the EU to India and Bhutan, Ugo Astuto and the Deputy Executive Director of the ITC, Dorothy Tembo, launched the portal.
Lyonpo Loknath Sharma said that the unclear domestic trade regulation has always been one of the major obstacles to the development of international trade and investment.
“I’m confident that this portal will contribute to the improvement of the business climate in Bhutan,” Lyonpo said.
The portal was designed and launched with the financial support from the EU through EU- Bhutan Trade Support Project, which is implemented by the ITC.