Staff Correspondent: Commerce Minister Tipu Munshi yesterday said Bangladesh has updated its trade policy to overcome the challenges after graduation from the Least Developed Countries (LDCs).
“To become gainer in global competitive trade and deal with the challenges to be faced by Bangladesh after graduation (LDCs), it has updated trade policy,” said the minister at a press briefing in the ministry office returning from the trade policy review (TPR) meeting in Geneva.
A 16-member delegation of Bangladesh participated in the fifth TPR at the World Trade Organization (WTO) headquarters from April 3-5. The last TPR was held in 2012.
In the TPR, over 30 countries including USA, Canada, Australia, Japan and from European Union in the open discussion session raised 140 questions related to Bangladesh’s preparation and progress for the graduation from LDCs.
The commerce minister said they replied to each of the queries and has also taken another one month time for further reply if they have any more questions.
Tipu said he briefed the representatives of different countries about Bangladesh’s investment friendly policy, highlighting the ongoing development activities regarding infrastructures, power, transportation and many more.
Commerce secretary Md Mofizul Islam also said Bangladesh would be prepared fully to face the post LDCs challenges as it has been implementing different mega projects in power, transportation, infrastructure and other sectors along with capacity building.
Besides, product mapping and product basket are being updated to switch to high-end products from low-end to boost export, he added.
Islam said Bangladesh is trying to sign bilateral free-trade agreement with different countries such as Brazil to boost export earnings in the post LDCs era.
The commerce minister said Bangladesh would get another chance of TPR before full LDCs graduation.
He said in the TPR all have praised Bangladesh for its development as well as Prime Minister Sheikh Hasina for her initiative of women empowerment.