Bangladesh to get duty benefit for 3 years after LDC graduation
The WTO’s 13th Ministerial Conference ended with no decision on some major issues such as public food stockpiling, fisheries subsidies although the discussion was extended for one more day up to March 1.
Bangladesh will continue to get duty benefit for three more years after the graduation to a developing nation from the least developed country (LDC) in 2026 thanks to the decision taken at the 13th Ministerial Conference of the World Trade Organisation (WTO).
In the 13th WTO Ministerial Conference, held at Abu Dhabi, between February 26 and March 1, the ministers of member countries agreed to continue the trade benefits to a graduated LDC after its graduation.
So, Bangladesh as a graduating LDC will continue to enjoy the low or zero duty benefit for its export products to developing and developed economies until 2029, according to the draft declaration of the WTO conference that ended yesterday.
The declaration said a member that graduates from the LDC category shall continue to benefit from the application of the Special Procedures Involving LDCs set out in Article 24 of the Dispute Settlement Understanding for a period of three years after the date on which the decision of the UN General Assembly to graduate that member from the LDC category becomes effective.
A member that graduates from the LDC category shall continue to be eligible for LDC-specific technical assistance and capacity building provided under WTO's technical assistance and training plan for a period of three years after the date on which the decision of the UN General Assembly to graduate that member from the LDC category becomes effective.
"The participation of existing LDCs shall be prioritized in activities under this plan," said the declaration.
The WTO's committees will review this decision by December 2024 and the General Council shall report to the Fourteenth Ministerial Conference on progress, the WTO said.
The continuation of the duty benefit for the graduated LDCs under the proposed method of the WTO may not maintain the current duty structure but considering different perspectives like economic status and products of the eligible countries.
The WTO members also agreed to further extend the moratorium on import duties on e-commerce trade for two more years.
The WTO's 13th Ministerial Conference ended with no decision on some major issues such as public food stockpiling, fisheries subsidies although the discussion was extended for one more day up to March 1.