Tipu Munshi seeks support from Commonwealth nations for LDC duty extension

Commerce Minister Tipu Munshi has sought support from his counterparts in the Commonwealth nations as the government looks to extend the preferential trade benefit for Bangladesh for six more years after the country's graduation to a developing country.

On Wednesday, the minister said the 13th Ministerial Conference of the World Trade Organisation will be held early next year and he sought support from the commerce ministers of the Commonwealth nations in favour of Bangladesh's demand, according to a statement from the commerce ministry.

Munshi made the comments after a meeting of the commerce ministers of the Commonwealth nations at the Marlborough House in London between June 5 and 6.

Tipu Munshi argued that the graduating least-developed countries will face difficult challenges if the tenure of the LDC-related trade facilities is not extended as the global economy is going through a turbulent time owing to the severe fallout of the Covid-19 and the Russia-Ukraine war.

"So, the LDC-related trade benefits should be extended for six years."

Fifty-six countries are members of the bloc.