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Bangladesh to enjoy tariff benefits for 3 years even after LDC graduation

 VB  Desk

VB Desk

Sat, 2 Mar 24

Bangladesh will get tariff benefits for another three years after its LDC (least developed country) graduation scheduled in 2026, according to a decision made at the 13th Ministerial Conference of the World Trade Organisation (WTO).

At the conference held in Abu Dhabi from February 26 to March 1, the ministers of the WTO member countries agreed to maintain the trade privileges enjoyed by the LDCs even after gaining the status of ‘developing countries’.

The draft declaration of the WTO conference said that Bangladesh will enjoy low or zero tariff benefits, which it is enjoying now as a least developed country, for exporting products to developing and developed countries until 2029.

The WTO declaration said according to Article 24 of the WTO dispute settlement agreement, the LDCs will get this benefit for three years after their LDC graduation.

In addition, those countries will receive technical assistance for three years under the WTO's Technical Assistance and Training Scheme.

The WTO declaration also said that the LDCs will be prioritised in getting WTO’s technical assistance scheme.

Reviewing the decision by December 2024, the WTO committees will submit their reports in the next ministerial conference.

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