Home ›› 18 Sep 2021 ›› Front
Commerce Minister Tipu Munshi has urged his counterparts from all Least Developed Countries (LDCs) to support the group’s 12-year extension proposal for trade preference to the World Trade Organisation (WTO) for an easy transition to LDC graduation and post LDC graduation.
He made the call while addressing a virtual conference of Commerce Ministers of LDCs through the United Nations Conference on Trade and Development (UNCTAD) Secretariat at the United Nations Office in Geneva on Thursday night.
At the meeting, the commerce minister said that Bangladesh has achieved development by utilising duty and quota-free market facilities and TRIPS waiver.
“Preferential Rules of Origin for LDCs according to the Nairobi Ministerial Declaration and duty and quota-free market facility as per WTO’s Hong Kong Ministerial Declaration must be provided by developed countries,” the minister said while urging UNCTAD to provide effective support in increasing the productivity and infrastructural development of LDC countries.
The conference was hosted by the Minister of Commerce of Malawi and the Secretary-General of UNCTAD. A ‘Ministerial Declaration’ with all proposals from Bangladesh was announced at the conference of LDC Commerce Ministers.
“The Covid-19 could hamper the progress made by the least developed countries. Under the leadership of the Prime Minister of Bangladesh Sheikh Hasina, the pandemic is being successfully tackled in the country. Bangladesh continues to play an important role in building a world free of hunger and poverty,” he added. The commerce minister also said that international cooperation needs to be strengthened further for the development of LDC countries.
“Timely international assistance is needed, including the ongoing International Safety Management (ISM), to address the impacts of Covid-19, digital divide, and the adverse effects of climate change. In order to achieve the Sustainable Development Goals, least developed countries need to be provided with structural assistance to increase technology transfer and productivity.”
UNCTAD provides policy and development assistance to developing countries on trade, investment and development.
The 15th session of UNCTAD will be held virtually from October 3 to 7, which has been marked as crucial in addressing the next challenges and formulating development programs for the least developed countries in the post-Covid-19 period.
The UNCTAD session will discuss the Action Plan for the next ten years (2022-31), including trade, finance and technology cooperation with the LDCs.
