Creating expert negotiators for future trade deals

The challenges Bangladesh will face in the post-LDC-graduation phase, makes it incumbent on this country to have a pool of expert negotiators capable of dealing with the complexities of the emerging new world of trade and commerce. So, it is an imperative that the government promote the development of such a cadre of highly skilled trade negotiators for sustaining as well as furthering Bangladesh's vital interests in the field of trade, commerce and economy. It is reassuring to learn at this point that the government is going to form a pool of such individuals who can transition into a dynamic force and be fully equipped to navigate the complexities of international trade and at the same time safeguard Bangladesh's economic interests in the years to come. That is more so since the country is aspiring to sign deals with its major trading partners in the run up to its graduation to a developing nation. 

Notably, Bangladesh like many other countries of the world has already come up against the challenge of tough trade negotiations with the Office of the US Trade Representative (USTR) following President Donald Trump's imposition of exorbitantly high tariff on commodities that different countries including Bangladesh export to its (US's) market. But thanks to the acumen and skill of the negotiating team led by the interim government's commerce adviser that Bangladesh could meet the challenge and clinch a deal in favour of Bangladesh. This provides the first taste of what is coming next in the post-LDC dispensation of things. Hopefully, the experience gathered from the trade deal with USTR would open the pathway for the team of a new generation trade negotiators to be up to their task and meet the challenges of the time.

Against this backdrop, a dialogue event has reportedly been held recently in the city where the urgency of the issue of developing the country's trade negotiating capacity was again brought into focus. Organised by the Bangladesh's commerce ministry and supported by the United Nation's Development Programme (UNDP) under its what is known as Transformative Economic Policy Programme (TEPP) and financed by the UK's Commonwealths and Development Office (FCDO), the event reaffirmed the need for crafting  effective trade and investment strategies to ably defend the nation's vital interests and hold trade agreements in favour of Bangladesh in the global forums. It was indeed a commendable and welcome commitment on the part of the UK's envoy at the dialogue when she assured us of her government's continued support for Bangladesh and allow duty free and quota free (DFQF) access of Bangladeshi exports to UK's market even during the country's post-graduation period.

Notably, the government has already been holding talks with about a dozen countries to sign Free Trade Agreements (FTAs). Singapore, South Korea and Japan are among those countries . Also, in the process are Comprehensive Economic Partnership Agreements (CPAs) and Economic Partnership Agreements (EPAs) with different countries aiming to retain preferential trade facilities even after Bangladesh quits it LDC status in November next year. In a commendable development in this regard, to further its efforts to open up new vistas of trade opportunities in Southeast Asian and Far Eastern neighborhood, a team from the country is now engaged in a final round of negotiations in Tokyo to finalise EPA, which is expected to be concluded this year. Once clinched, it will be the country's first fully fledged economic partnership agreement similar to the one done in December 2020 with Bhutan. The sign is positive. If time-befitting steps are undertaken and training programmes devised, drawing resources from home and abroad, Bangladesh will be able to create the dream team of experts capable of delivering on the global stage in the future.