The World Trade Organization (WTO) has resolved to unilaterally extend the ‘Duty Free Quota Free’ privileges for least-developed countries (LDCs) during their post-graduation period, as necessary.
This decision was unanimously reached by the General Council of the WTO recently, with the intention of supporting smooth and sustainable graduation for LDCs, as confirmed by a press release from the Permanent Mission of Bangladesh in Geneva.
To address the challenges that LDCs face following their graduation, ministerial-level discussions in 2017 called for assistance.
Subsequently, official proposals were submitted to the WTO on behalf of LDC groups in 2020.
The Permanent Mission of Bangladesh is actively involved in facilitating the discussions and negotiations on behalf of LDC groups, culminating in this recent decision.
The Sub-Committee on Least Developed Countries is currently engaged in discussions to determine the specific facilities that will be provided to these countries.
LDC group members, including Bangladesh, are actively working towards making a decision in time for the 13th WTO Ministerial Conference scheduled for February 2024 in Abu Dhabi.
It’s worth noting that Bangladesh is scheduled to graduate from the LDC status in 2026, and as a result, countries, including Bangladesh, that are set to graduate from LDC status will continue to receive special trade privileges during this transitional period.
