Renowned economist urges Bangladesh to develop post-LDC plan

12 Feb '24

2 min read

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Bangladesh needs to devise a strategy for the imminent 13th WTO Ministerial Conference and its aim should be to lobby for an extension of trade benefits as a least developed country, extending three years beyond its scheduled LDC graduation in 2026.

Eminent economist Mustafizur Rahman urged the government of Bangladesh.

Bangladesh poised to transition into a developing nation by November 24, 2026, needs to aim to synchronise the extension of trade benefits with the new status.

It may be mentioned here the commerce ministers from member states are slated to convene at the World Trade Organization (WTO) conference in Abu Dhabi from February 26 to 29.

The conference is pivotal for global trade and commerce decisions.

While the WTO decided last October to extend trade benefits for graduating LDCs, specifics are expected to be finalised during the 13th conference.

Several nations, including the United Kingdom, Australia, Canada, and those from Europe have reportedly committed to extending LDC trade benefits until 2029.

Mustafizur Rahman, who is a distinguished fellow of the Centre for Policy Dialogue (CPD), emphasised the significance of this conference for Bangladesh.

He stressed the need for serious preparation to realise the demand for the trade benefit extension.

The economist highlighted potential negotiation avenues, including bilateral talks.

Despite US opposition due to the absence of an LDC scheme in its trade policy, Rahman suggested Bangladesh could align with countries like India, which share similar demands.

Fibre2Fashion News Desk (DR)

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