All parties should support the LDC Group's proposal for a 12-year extension for trade facilities after graduation. Having utilized duty free and quota free market facilities, TRIPS Weaver, Bangladesh has achieved growth.
Commerce Minister Tipu Munshi made the remarks while addressing a virtual conference of Commerce Ministers of Least Developed Countries (LDCs) through the United Nations Conference on Trade and Development (UNCTAD) Secretariat at the United Nations Office in Geneva on Thursday night.
The Commerce Minister said that according to the World Trade Organization’s (WTO) "Hong Kong Ministerial Declaration", duty and quota free market facilities and preferential rules of origin for LDCs should be provided to developed countries as per "Nairobi Ministerial Declaration".
UNCTAD needs to provide effective assistance in increasing the productivity and infrastructural development of LDC countries. Covid-19 could undermine the progress made by the least developed countries.
He said that under the leadership of Prime Minister Sheikh Hasina, Covid-19 is being successfully tackled. Bangladesh continues to play an important role in building a world free of hunger and poverty.
The minister added that international cooperation needs to be further strengthened for the development of LDC countries. Timely international assistance, including ongoing International Support Measures (ISMs), is needed 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 (SDGs), the least developed countries need to be provided with structural assistance to increase technology transfer and productivity.
UNCTAD will have to play an important role in effectively representing the interests of LDCs and graduating LDCs in line with the commitment of the world community to the forthcoming UNCTAD-15, MC-12, UN General Assembly Session OLDC-5 conferences and activities.
UNCTAD is an international body of the United Nations. The organization provides policy and development assistance to developing countries on trade, investment and development. The 15th session of UNCTAD will be held virtually from October 3 to 7.
The post-Covid-19 session is crucial in addressing the next challenges and formulating development programs for the least developed countries. The UNCTAD session will discuss the Action Plan (2022-31) for the next ten years, including trade, finance and technology cooperation with the Least Developed Countries.
In this context, the conference of the Ministers of Commerce of the 46 Least Developed Countries is very important as a pre-preparation for the session.
The conference was hosted by the Commerce Minister of Malawi and the Secretary General of UNCTAD. A "Ministerial Declaration" with all the proposals of Bangladesh was announced at the LDC Commerce Ministers' Conference.