Continue trade facility for 12 yrs after LDC graduation: Commerce Minister

Commerce Minister Tipu Munshi said all parties need to support the LDC Group's 12-year extension proposal for trade preference in the World Trade Organisation for easy passage of LDC graduation and post LDC graduation.
 
The minister came up with this urge while addressing a virtual conference of Commerce Ministers of Least Developed Countries (LDCs) through the UNCTAD secretariat at the United Nations Office in Geneva on Thursday night.
 
He said, "Preferential Rules of Origin for LDCs according to the Nairobi Ministerial Declaration and duty and quota free market facility as per WTO 'Hong Kong Ministerial Declaration' must be provided by developed countries."
 
He also urged UNCTAD to provide effective assistance in increasing the productivity and infrastructural development of LDC countries.
 
Tipu Munshi said, "Covid-19 could hamper the progress made by the least developed countries. Under the leadership of the Prime Minister of Bangladesh Sheikh Hasina, the pandemic is being successfully tackled in the country. Bangladesh continues to play an important role in building a world free of hunger and poverty."
 
The Commerce Minister said that international cooperation needs to be further strengthened for the development of LDC countries. 

"Timely international assistance is needed, including ongoing International Safety Management (ISM), to address the impact of the Covid-19, the digital divide, and the adverse effects of climate change. In order to achieve the Sustainable Development Goals, the least developed countries need to be provided with structural assistance to increase technology transfer and productivity," he added.

The 15th session of UNCTAD will be held virtually from 3-7 October.