Bangladesh’s duty benefit will run for an additional three years following its graduation from the least developed country (LDC) to a developing nation in 2026, as per the decision made at the World Trade Organization’s (WTO) 13th Ministerial Conference.
The trade ministers of member countries decided to extend trade benefits to a graduating least developed country (LDC) following its graduation during the 13th WTO Ministerial Conference, which took place in Abu Dhabi from 26th February to 1st March.
Thus, as per the draft declaration of the WTO conference that concluded on Friday, Bangladesh, being a graduating LDC, will maintain the low or zero tariff benefit for its export items to emerging and developed economies until 2029.
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 three years after the date on which the decision of the UN General Assembly to graduate that member from the LDC category becomes effective.
Following the date on which the UN General Assembly’s decision to remove a member from the LDC category becomes effective, that member will remain eligible for LDC-specific technical assistance and capacity building under the WTO’s technical assistance and training plan for a period of three years.
“The participation of existing LDCs shall be prioritised in activities under this plan,” stated 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.
Continuing the duty benefit for the graduated LDCs under the proposed method of the WTO may not maintain the current duty structure but consider different perspectives like economic status and products of the eligible countries.
The WTO members also decided to add two years to the moratorium on import tariffs on e-commerce transactions.
Although the discussion continued for an additional day up until March 1, the WTO’s 13th Ministerial Conference ended without a conclusion on key significant topics, such as public food stockpiling and fisheries subsidies.
