Even as Bangladesh is all set to graduate into a developing nation that would come with its own set of challenges for the country including for the readymade garment sector, the main foreign currency earner for Bangladesh, the country’s Commerce Minister has recently called upon the Commonwealth nations to continue providing Bangladesh duty and quota-free market access for the next six years after the LDC transition.
Media reports maintained this adding Commerce Minister Tipu Munshi made this call at the Commonwealth Trade Ministers Meeting held recently at Marlborough House in London even as he requested the assistance of Commonwealth nations on market access facilities towards garnering support at the 13th ministerial conference of the World Trade Organization (WTO), to be held early next year.
The minister further reportedly underlined the global economic situation has worsened on account of the COVID-19 pandemic and the subsequent Russia-Ukraine war even as he opined the newly transitioning countries will face various challenges and difficulties if they do not receive preferential trade facilities.