Dhaka hopeful of getting global trade benefits after LDC graduation

27 Jun '22

1 min read

Pic: Shutterstock

Based on the declaration of the recently-concluded 12th Ministerial Conference (MC12) of the World Trade Organisation (WTO) in Geneva, Bangladesh is hopeful of receiving an extension to the preferences it enjoys in international trade after the country graduates from the least developed country (LDC) status in 2026, according to the country’s commerce secretary Tapan Kanti Ghosh.

The declaration acknowledged the challenges that graduation presents for the countries that are leaving the LDC category, but no decision was taken at the conference in response to the graduating LDCs' demand for continuing the duty-free trade facilities.

The secretary, however, told a press conference that an immense opportunity has been created for Bangladesh to get an extension of the facilities even after its graduation to developing country status in 2026.

He expected that the extension of the trade preferences might come in the next ministerial conference.

Bangladesh and other LDCs have been lobbying for more than the last two years to extend the trade facilities by six or nine years after graduation.

He said further negotiations have to be continued for achieving the extension of the LDC trade benefits after graduation.

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