
Experts have lauded the World Trade Organisation’s recent decision to extend duty-free market access to graduating least developed countries, including Bangladesh, for a specified period, predicting positive outcomes for Bangladesh.
The WTO made this decision during a meeting of its general council, aimed at preparing for the 13th WTO Ministerial Conference scheduled for February 2024 in Abu Dhabi, United Arab Emirates.
Under this decision, Bangladesh will continue to benefit from duty-free market access in WTO member countries even after its expected graduation from the list of least developed countries in 2026.
This transition period is considered advantageous for Bangladesh as it grants the country the time to address competitiveness-related challenges post-graduation.
Least developed countries (LDCs) are afforded special treatment at the WTO, including enhanced market access opportunities and flexibility in adopting WTO rules, recognizing their vulnerability within the international community.
When an LDC meets specific United Nations development criteria and is no longer classified as an LDC, WTO members typically remove the country from their duty-free and quota-free preference programmes upon graduation.
Over the past three years, the LDC group has been advocating for a seamless transition mechanism within the WTO to prolong LDC-specific preferences and provisions in WTO agreements for up to six years after graduation.