At the World Trade Organization’s Ministerial Conference in Abu Dhabi, 166 member nations agreed to extend duty-free market access for three years to graduating least-developed countries (LDCs) like Bangladesh, ensuring continued benefits post-2026. The decision provides an opportunity for Bangladesh and other graduating LDCs to negotiate trade benefits with various countries, although the United States does not offer preferential duty programs for LDCs. While the European Union typically grants a three-year grace period post-graduation, it’s unclear if this will extend further for Bangladesh. The WTO conference also addressed issues related to intellectual property rights but didn’t reach a consensus on major topics like fisheries subsidies and food stockholding. Bangladesh’s trade heavily relies on LDC-linked market access, contributing significantly to its status as the second-largest apparel supplier globally.

Source: The Daily Star