‘Bangladesh must be prepared’

Bangladesh must be prepared strongly to face the challenges of possible erosion in duty-free market access and other trade benefits after the LDC graduation to remain competitive in the global market.

Commerce Secretary Tapan Kanti Ghosh said on Tuesday.

Tapan was addressing as the chief guest at a workshop organised by the Economic Reporters Forum (ERF). The workshop was arranged ahead of the 12th Ministerial Conference of the World Trade Organization. The four-day WTO MC-12th will begin on November 30 in Geneva. 

The workshop discussed the issues Bangladesh will raise in MC-12th, their possible outcome, and the bargaining methods.

Hafizur Rahman, Director General, WTO Cell under the Ministry of Commerce, and Mostafa Abid Khan, former member of Bangladesh Trade and Tariff Commission, spoke in the technical session at the workshop held at ERF Office at Purana Paltan in Dhaka.

ERF President Sharmin Rinvi chaired the workshop and its General Secretary SM Rashidul Islam moderated it. 

Tapan Kanti Ghosh said for surviving in the world market after graduation from Least Developed Countries, it is important to co-operate with various countries and international organisations. “Increased productivity and diversification needs to be done. And for it reforms should be brought into certain areas,” he said. 

The commerce secretary said Bangladesh is expected to continue to enjoy the LDC benefits even after 2026.

The LDCs have agreed that the same benefits will continue for eight to nine years after the passage of the forthcoming WTO summit, he added.

Tapan hoped that a positive announcement will be made in this regard. “If the announcement does not come for some reason, then Bangladesh will keep this discussion alive. Bangladesh will also present its position on GSP facilities, TRIPS, intellectual property, and subsidies in the fisheries sector,” he said.

Bangladesh is not worried about surviving in the world market as it is doing well in the countries where it has to export its products by competing in the market, said Tapan adding that in the first four months of the current financial year, the Indian market has seen positive growth in exports.

“Bangladesh also has a good position in the US market. It is a place of relief for Bangladesh. Even then, Bangladesh will demand the benefits of GSP, GSP Plus, and TRIPS under WTO’s support measures. Bilateral trade agreements will continue to be signed with major trading partners, even without such facilities,” he added.

Responding to journalists’ queries, the commerce secretary said the changes being made by the EU in GSP rules also have many positive indications for Bangladesh.

“As a result of the changes, there will be no problem till 2029. Besides, discussions are underway to ensure that Bangladesh gets the intellectual property benefits of medicines under TRIPS. The next export policy is also being prepared keeping the challenge of LDC graduation in mind,” he said.

Hafizur Rahman, Director General of the WTO Cell at the commerce ministry, said that many other countries were supporting Bangladesh’s proposal or making similar proposals at this year’s WTO Ministerial Conference.