Bangladesh Seeks Further WTO Trade Facilities

Bangladesh has asked to the World Trade Organization (WTO) for more trade concessions after being removed from the list of least developed nations (LDCs).

"LDCs, including Bangladesh, benefit from duty-free market access, which should be extended for a few more years," Commerce Minister Tipu Munshi, MP remarked at the WTO's 12th Ministerial Conference in Geneva, Switzerland.

"Bangladesh is scheduled to move up from the LDCs list in 2026. After that Bangladesh will no longer get duty free market facility. Therefore, the proposal of LDCs to have a duty-free market facility with WTO is very important for Bangladesh," he added.

Bangladesh, according to Tipu Munshi, wants the chance to provide subsidies to the fisheries sector.

According to the trade minister, LDC countries require the ability to stockpile food on a significant scale at the government level in order to lessen the danger to food security.

Speaking at a press conference on the first day of the summit, WTO Director-General Engoji Okonzo Aiwala said the war in Ukraine has made the food crisis a major challenge for the world.

WTO member states have been urged to come to a consensus on other important issues, including the continuation of trade benefits and non-abrupt stoppage of foodgrain exports.

Bangladesh's delegation to the 174-nation WTO summit is led by Commerce Minister Tipu Munshi, MP.