Thursday, May 28, 2020 | ePaper

Dhaka seeks WTO support to face trade-related challenges

  • Print
BSS, New Delhi :
Bangladesh on Tuesday sought WTO support to address trade-related challenges, which the country may face after its graduation to a middle income country from the LDC category.
"The WTO needs to address those challenges in post-graduation phase in line with the General Assembly resolution 59/209 adopted in 2004," said Commerce Minister Tipu Munshi while speaking at the WTO Ministerial Meeting.
Munshi also stressed that any decision, provision and agreement negotiated within the WTO must be directed towards increasing trading opportunity for developing countries and LDCs.
He attached importance to ensuring that the decision making process is open, transparent and inclusive saying that in the recent past, the process at the WTO has not been transparent, nor does it allow the full participation of all WTO members especially developing country members.
With Indian Minister for Commerce and Industry Suresh Prabhu in the chair, commerce ministers and vice-ministers of different countries made their statements in the meeting that formally began yesterday with a senior official level meeting.
The commerce minister is leading a four-member Bangladesh delegation to the meeting. The delegation includes DG (BD), WTO Munir Chowdhury, Member of Tariff Commission Dr. Mostafa Abid and WTO Deputy Director (Bangladesh) Md. Khalilur Rahman.
In the meeting, the Bangladesh commerce minister highlighted the phenomenal economic growth of Bangladesh under the visionary leadership of Prime Minister Sheikh Hasina and the graduation of Bangladesh from LDC categories to middle income countries.
Regarding the dispute resolution issue of the appellate body, Tipu Munshi said that as an advocate of the multilateral trading system, Bangladesh considers dispute settlement mechanism as a key pillar of the WTO although the country is not involved in any dispute yet.
He underlined the need for engaging constructively, including at political level to fill the vacancies of the appellate body without any delay.
In this connection, he asked the member states to preserve the principle of agreement establishing the WTO in an effective manner.
The agreement recognizes that there is need for positive efforts designed to ensure that developing countries especially LDCs secure a share in the growth in international trade commensurate with the needs of their economic development.
About reforms of WTO, he said the growing trend towards regional and mega-regional trade agreements is a result of mistrust in the multilateral process that requires initiating a reform process.
He called upon the members to develop a position incorporating common interest saying "our active engagement is a key to ensuring a development-oriented outcome through WTO reform".
Commerce ministers, vice-ministers and representatives of 22 WTO countries, both developing nations and LDCs, participated in the two-day meeting.
The countries are-Argentina, Bangladesh, Barbados, Benin, Brazil, Central African Republic (CAR), Chad, China, Egypt, Guatemala, Guyana, Indonesia, Jamaica, Kazakhstan, Malawi, Malaysia, Nigeria, Oman, Saudi Arabia, South Africa, Turkey and Uganda.

More News For this Category

Evaly providing personal health safety equipment for 999

Evaly providing personal health safety equipment for 999

Economic Reporter :E-commerce based online marketplace Evaly has provided health care and safety products to the National Emergency Services Center 999 authorities. In the midst of the Covid-19 Corona

AIIB approves $250m loan to BD for Covid-19 response

Business Desk :The Asian Infrastructure Investment Bank (AIIB) has approved a $250 million loan for Bangladesh as the country grapples with the fallout of the novel coronavirus.The loan, co-financed

Corona hit poor blessed with PM's Eid gifts through MFS

Corona hit poor blessed with PM's Eid gifts through MFS

Al Amin :When millions of people are facing very hard time for the ongoing lock down, Prime Minister's cash support-Tk 1250 crore to a huge number of poor family

ADB approves it's financial statement

BSS, Dhaka :The Board of Governors of the Asian Development Bank (ADB) on Friday approved ADB's financial statements and the allocation of its 2019 net income in its first-ever

Meat becomes costlier in Dhaka

Economic Reporter :Supply chain disruption and temporary closure of businesses amid a government-announced 'holiday' to curb coronavirus transmission have pushed up meat prices by as much as Tk 250

Qatar charity Dhaka office distributes food items among poor

Qatar charity Dhaka office distributes food items among poor

Business Desk :Like every year, the Qatar Charity Bangladesh office has distributed food items to 9,000 poor families during Ramadan. Besides, food aid has been provided to 2,000 helpless

“87pc returnee expats have no income source”

Economic Reporter :About 87 percent of the migrant workers who returned to the country due to the Covid-19 pandemic have no source of income at the moment, according to

JTI Bangladesh initiatives for COVID-19 response

Business Desk :Japan Tobacco International Bangladesh is providing support that is directly benefitting approximately 60,000 people across Bangladesh. A special COVID-19 fund has been mobilized to provide essential food

NEC approves ADP involving Tk 205,145cr for new FY

Economic Reporter :National Economic Council (NEC) , development projects for next fiscal year , Planning Minister MA Mannan , Prime Minister Sheikh Hasina , Annual Development Programme (ADP) ,

Bank branches at RMG industrial areas open on Friday, Saturday

Economic Reporter :Branches of the scheduled banks in the readymade garments (RMG) industrial areas will remain open on May 22 (Friday) and 23 (Saturday) for the convenience of paying