Tuesday, 26 October, 2021

Tipu Munshi seeks WTO support for LDCs for 12 more yrs

  • Staff Correspondent
  • 19 September, 2021 12:00 AM
  • Print news
Tipu Munshi seeks WTO support for LDCs for 12 more yrs
Commerce Minister Tipu Munshi

Commerce Minister Tipu Munshi has called upon all parties to support a proposal of the LDC Group for 12-year extension in their trade preference placed at World Trade Organisation (WTO).

LDCs seek the extension in preferential trade facility will help them post-graduation time apart from  smooth exit  from the LDC group.

The commerce minister made the call while he 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, Tipu said.

He hoped the United Nations Conference on Trade and Development (UNCTAD) 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.