Kazi Zahidul Hasan :
A WTO delegation will arrive in Dhaka in the fist week of November on a five-day mission prior to review Bangladesh’s trade policy and practices.
The four members delegation led by Counsellor Sergios Stamnus, Trade Policy Review Division of WTO, will discuss with the policymakers, trade body leaders and experts to gather necessary information relating to the achievements and challenges related to Bangladesh’s trade, economic and investment policies.
“The WTO team will arrive in Dhaka on November 4 to gauge Bangladesh’s economic development trade facilitation efforts and challenges prior to review Bangladesh’s trade policy,” a senior commerce ministry official told The New Nation yesterday on condition of anonymity.
He said the team would submit a report at the WTO headquarters after conclusion of its mission in Bangladesh.
The fifth review of Bangladesh’s trade policy would take place on April 03-05 next year in Geneva based on two reports prepared by the WTO Secretariat and the government of Bangladesh.
“The review would be crucial for Bangladesh this time when the country is likely to leave the LDC category by 2024,” said the commerce ministry official, adding, “Following graduation in 2024, the country would probably be given a three-year transition period before it lost duty free, quota free market access to the European Union under the Everything but Arms initiative for LDCs.”
“After 2027, we have to address challenges in several areas such as legal framework, rule of law, institutional capacity, good governance, transparency and infrastructure bottlenecks to get GSP+ facility from the EU under the WTO’s ruled based multilateral trading system,” he added.
He said this will add a new dimension for Bangladesh regarding the review of trade and investment policies in the post LDC era.
Bangladesh has been a WTO member since 1995.
Since the last trade policy review in 2012, Bangladesh economy has made a remarkable progress with its Gross Domestic Products (GDP) growth exceeding 7.0 per cent per year.
Export earnings have increased from around $24.0 billion to $36.0 billion during the last six years while merchandise import also jumped to $54.0 from $34.0 billion. Trade in services has registered around 63 per cent growth.
“Bangladesh has adopted various changes in its trade and investment policies and measures since the previous review and has continued to make efforts to reform its customs procedures,” said the commerce ministry official.
He further said that the ministry is working relentlessly to prepare a comprehensive report in this regard. It will be placed before the WTO headquarters prior to its review on Bangladesh’s trade policy.
A WTO delegation will arrive in Dhaka in the fist week of November on a five-day mission prior to review Bangladesh’s trade policy and practices.
The four members delegation led by Counsellor Sergios Stamnus, Trade Policy Review Division of WTO, will discuss with the policymakers, trade body leaders and experts to gather necessary information relating to the achievements and challenges related to Bangladesh’s trade, economic and investment policies.
“The WTO team will arrive in Dhaka on November 4 to gauge Bangladesh’s economic development trade facilitation efforts and challenges prior to review Bangladesh’s trade policy,” a senior commerce ministry official told The New Nation yesterday on condition of anonymity.
He said the team would submit a report at the WTO headquarters after conclusion of its mission in Bangladesh.
The fifth review of Bangladesh’s trade policy would take place on April 03-05 next year in Geneva based on two reports prepared by the WTO Secretariat and the government of Bangladesh.
“The review would be crucial for Bangladesh this time when the country is likely to leave the LDC category by 2024,” said the commerce ministry official, adding, “Following graduation in 2024, the country would probably be given a three-year transition period before it lost duty free, quota free market access to the European Union under the Everything but Arms initiative for LDCs.”
“After 2027, we have to address challenges in several areas such as legal framework, rule of law, institutional capacity, good governance, transparency and infrastructure bottlenecks to get GSP+ facility from the EU under the WTO’s ruled based multilateral trading system,” he added.
He said this will add a new dimension for Bangladesh regarding the review of trade and investment policies in the post LDC era.
Bangladesh has been a WTO member since 1995.
Since the last trade policy review in 2012, Bangladesh economy has made a remarkable progress with its Gross Domestic Products (GDP) growth exceeding 7.0 per cent per year.
Export earnings have increased from around $24.0 billion to $36.0 billion during the last six years while merchandise import also jumped to $54.0 from $34.0 billion. Trade in services has registered around 63 per cent growth.
“Bangladesh has adopted various changes in its trade and investment policies and measures since the previous review and has continued to make efforts to reform its customs procedures,” said the commerce ministry official.
He further said that the ministry is working relentlessly to prepare a comprehensive report in this regard. It will be placed before the WTO headquarters prior to its review on Bangladesh’s trade policy.
