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The Financial Express

Commerce minister seeks support to LDCs for 12 more years

| Updated: September 23, 2021 17:13:51


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Commerce minister Tipu Munshi has urged all parties to support a 12-year extension proposal by the LDC Group in the World Trade Organisation (WTO).

The extension will help the LDCs get preferential trade facility for easy transition of their graduation and post-graduation time.

Mr Tipu was addressing a virtual conference of the LDC commerce ministers through the UNCTAD secretariat at the UN office in Geneva on Thursday night.

Bangladesh has achieved development through utilising its duty-free, quota-free (DFQF) market facility and the Trade-Related Aspects of Intellectual Property Rights (TRIPS), he said.

The DFQF facilities and preferential rules of origin for LDCs as per the WTO Hong Kong ministerial and Nairobi ministerial declarations must be provided by developed countries, Mr Tipu said.

He hopes the UNCTAD (United Nations Conference on Trade and Development) will provide effective assistance in increasing the productivity and infrastructural development of LDC countries.

The ongoing Covid-19 pandemic might hamper the progress made by the LDCs, he added.

The Covid-19 situation in Bangladesh is being tackled seriously by the government.

The minister says international cooperation is needed for further development of LDC countries.

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