Staff Reporter :
Speakers at a seminar in the capital called for more active participation in the WTO negotiation process for the continuation of International Support Measures (ISMs) beyond the country’s LDC graduation.
They also emphasized internal capacity building, export diversification, foreign direct investment and skill enhancement for preparing the country for the post-graduation scenario.
Such recommendations came at a seminar on ‘WTO MC-12: Implications for Graduating LDCs’ held on Tuesday in the city’s BIAM Foundation.
Support to Sustainable Graduation Project (SSGP) under Economic Relations Division (ERD) organized the seminar.
Senior Secretary of the Commerce Ministry Tapan Kanti Ghosh was the chief guest of the inaugural session of the seminar while ERD Secretary Sharifa Khan chaired the session.
The seminar was organized to analyse the key takeaways for Bangladesh from the recently concluded 12th Ministerial Conference (MC12) of the World Trade Organization (WTO) that had taken place in Geneva from 12 to 17 June 2022.
The seminar also discussed the next course of action, and how the country should get prepared in the run-up to the next Ministerial Conference (MC-13) of the WTO in the context of Bangladesh’s scheduled graduation from LDC status in November 2026.
‘Although the outcome of the MC12 fell short of meeting the expectations of the graduating LDCs-it still recognized the need for certain measures for their smooth and sustainable
graduation’, said the Senior Secretary Tapan Kanti Ghosh. ‘We still need to actively negotiate at bilateral and multilateral level to secure the continuation of ISMs beyond graduation’, he added.
‘It is high time for the reforms of the WTO and Bangladesh should take an active role in that reform process’, said the ERD Secretary Sharifa Khan.
She also emphasized on improving productivity, enhancing skills and technology transfer for increasing competitiveness in the international market.
Director General of the WTO Cell of the Ministry of Commerce Md. Hafizur Rahman delivered the keynote presentation of the seminar.
The submission of the LDC group for continuing ISMs needs to be revised in the context of new global scenario, he said in his keynote presentation.
In this connection, Hafizur Rahman also emphasized on conducting studies on graduation issues to support the negotiators while engaging in bilateral negotiations and keeping the developing countries on board.
Former Member of Bangladesh Trade and Tariff Commission (BTTC) Dr. Mostafa Abid Khan, Chief Executive Officer of Business Initiative Leading Development (BUILD) Ferdaus Ara Begum and International Trade Expert of SSGP Nesar Ahmed were the panellists of the business session.
Besides, a number of representatives from various trade bodies, private sector, government, and think tank participated in the discussion.
Panellists and participants underscored the needs for simplification of trade facilitation related issues and capacity building to remain competitive at the post-graduation regime.
