Dhaka, June 7, 2023: Commerce Minister Tipu Munshi has sought the support of Commonwealth member countries’ commerce ministers to maintain crucial trade facilities for Bangladesh in the aftermath of its graduation from the Least Developed Country (LDC) status.
The Minister urged the Commonwealth member countries to extend their support in ensuring the uninterrupted continuation of these facilities during the 13th Ministerial Conference of the World Trade Organization, scheduled to take place at the beginning of next year.
During his participation in the Commonwealth Trade Ministers’ Meeting held in Marlborough House, London on June 5-6, he conveyed this call for support.
The Commerce Minister stated that the global economic situation has become precarious due to the COVID-19 pandemic and the subsequent Russo-Ukrainian conflict. If the countries that have graduated from the LDC status move beyond the ambit of preferential trade facilities provided by the LDCs, they will face significant challenges. Therefore, it is necessary to ensure continued access to the preferential market for the graduating countries for at least six years.
Highlighting Bangladesh’s notable contributions in achieving the trade targets of the Commonwealth in recent years, Minister Munshi said, “We have led the Commonwealth as a ‘Business-to-Business Connectivity Cluster.’ Besides, we are working towards achieving the intra-Commonwealth trade target of 2 trillion US dollars.”
Emphasizing the importance of inclusive and sustainable economic policies and focused attention on trade and investment, Minister Tipu Munshi stated that trade and investment can play a supportive role in addressing global challenges. The current problems and challenges in the global economy should be identified, and ways to resolve them, as well as strategies for post-COVID recovery and resilient economic policies, need to be given special consideration.
Minister Tipu Munshi informed that Bangladesh is one of the first Asian countries to approve the framework agreement for cross-border paperless trade in Asia and the Pacific region. Currently, the government is developing a paperless trade system with the creation of a national roadmap.
Commonwealth Ministers’ participation is vital to ensure the achievement of the Sustainable Development Goals (SDGs), especially in developing and vulnerable economies, and to ensure the contribution of trade and investment. They acknowledged the need for enhanced cooperation and strong partnerships to deepen Commonwealth trade and investment.
In order to deepen Commonwealth trade and investment, the Commonwealth Ministers expressed their commitment and stated the need for increased collaboration and substantial participation to achieve the target of doubling intra-Commonwealth trade to $2 trillion by 2030.
