Trade negotiations key to transition from LDC: Experts

In the ministerial meetings of the World Trade Organization, assistance to underdeveloped countries through subsidies has always been discussed, but such assistance to middle-income countries to face the challenges of transition from LDCs has not been discussed before.

However, this is the first time all middle-income countries, including Bangladesh, have received a sort of assurance of cooperation in principle from the developed countries. This has created a ground for more detailed discussion for such cooperation in the future.

Speakers expressed these remarks at a round table discussion on ‘Results of the 12th WTO Ministerial Conference' organised by the Institute of Chartered Accountants of Bangladesh (ICAB) on Saturday, said a statement.

Finance Ministry’s Economic Relations Department Secretary Sharifa Khan was present as the chief guest. ICAB President Md Shahadat Hossain gave the welcome speech. Former ICAB President and Council member Md Humayun Kabir moderated the discussion and ICAB CEO Subhashish Bose gave the opening speech.

Commerce Ministry’s WTO Cell Director General Md Hafizur Rahman, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Advisor Manzur Ahmed, Business Initiative Leading Development CEO Ferdaus Ara Begum, BFTI former CEO Shishir Kumar Dev, Finance Division Additional Secretary Khaimruzzaman Majumder, and Bangladesh Trade and Tariff Commission former member Dr Mustafa Abid Khan spoke in the program among others.

The results of the conference were of deep sea fishing subsidies, agricultural subsidies, maintenance of trade facilities of the concerned countries after transition from LDCs, etc. However, the participating countries could not come to a decision on any of these issues.

Sharifa Khan said, “If everything goes well, Bangladesh will become an upper-middle income country by 2031. Thereafter, Bangladesh will have no duty-free access to the international market. In order to meet these challenges, successful trade negotiations with the international platforms should be continued along with domestic resource mobilisation.

“The government is working to create an easy business friendly environment in the country. However, the private sector should focus on producing its own products, diversification, and the quality rather than just looking at subsidies, so that Bangladesh could attain a sustainable position in international trade,” she added.

She said that by acquiring talent, skills and experience in the service sector, we should move forward in the foreign market. In this case, subsidies or easy access will not be of much useful tools.

Summarizing the proposal made by the LDC group for the 12th ministerial meeting of the World Trade Organization, Md Hafizur Rahman said, “The declaration of the 12th WTO ministerial conference was prepared keeping in mind of the geo-political context. For the first time, Bangladesh negotiated to get the policy recognition from the developed countries to support all middle income countries including Bangladesh to face the challenges which was never discussed in any such conference before.”

“Even after graduating from the list of least developed countries (LDC) in 2026, duty-free trade facilities for other LDC countries including Bangladesh is expected to be continued for a few more years,” he added.