Commonwealth support sought to keep trade facilities

Commerce Minister Tipu Munshi on Wednesday sought support from Commonwealth ministers to keep Bangladesh under preferential trade facilities for six years after exiting the Least Developed Country (LDC) status.

“The economic situation in the world has taken a dire shape due to the epidemic of Covid-19 and the subsequent Russia-Ukraine war. In these critical times, newly transitioning LDC countries will face tough challenges if they go out of preferential trade facilities. Therefore, LDCs in transition should continue to enjoy preferential market access for at least six years,” he said.

The Minister urged the Commonwealth countries to support Bangladesh to continue this benefit at the 13th Ministerial Conference of the World Trade Organization at the beginning of next year.

The minister made this call joining the meeting of Commonwealth Trade Ministers held on June 5-6 at Marlborough House in London, said a press release here today.

Mentioning that Bangladesh has contributed significantly to achieving the Commonwealth’s trade goals in the past years, Tipu said, “We have led from the front as the Commonwealth’s ‘Business-to-Business Connectivity Cluster’ lead country.”

“Besides, we are working to achieve the intra-Commonwealth trade target of US$ 2 trillion,” he added.