Muktadir calls for cautious WTO reform
The minister called for a careful, balanced, and inclusive reform process
Commerce Minister Khandaker Abdul Muktadir has underscored the importance of undertaking reforms in the World Trade Organization (WTO) with caution, ensuring that its fundamental principles remain intact.
"While WTO reform is necessary in the current global context, it must not compromise the core foundations of the multilateral trading system," he said.
The minister made these remarks yesterday (26 March) during the session titled "WTO Reform: Fundamental Issues" at the 14th WTO Ministerial Conference (MC14) held in Yaounde, Cameroon, reads a press release here today.
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In his speech, Muktadir emphasised that the WTO has long played a pivotal role in promoting trade-led development among its member countries through a consensus-based and rules-based framework grounded in non-discrimination and inclusivity.
Highlighting the benefits of the existing system, the Minister noted that mechanisms such as Most-Favored-Nation (MFN) treatment, Duty-Free and Quota-Free (DFQF) market access, and Special and Differential Treatment (S&DT) have significantly supported both developed and developing countries, particularly Least Developed Countries (LDCs).
He further observed that, except for periods marked by the 2008 global financial crisis and the COVID-19 pandemic, median incomes in developed economies have shown consistent growth over the past three decades, demonstrating the effectiveness of the current multilateral trading system.
While reiterating the need for reform, the minister cautioned against undermining the achievements of the existing framework, which has been built over decades through sustained efforts by member countries.
He stressed that the global economy continues to rely heavily on this rules-based system, and any reform initiative must preserve its integrity.
The minister called for a careful, balanced, and inclusive reform process that safeguards past gains while ensuring development-oriented outcomes for all WTO members.
It may be noted that the WTO Ministerial Conference is the highest decision-making body of the organisation, where key global trade policies are deliberated and adopted.
The MC14 has brought together trade ministers and representatives from 166 member countries.
The Bangladesh delegation to the conference is led by the Commerce Minister Khandaker Abdul Muktadir and includes Commerce Secretary Mahbubur Rahman, along with senior officials from the Ministry of Commerce and the Permanent Mission of Bangladesh in Geneva.
