Govt prepares five-year trade plan to address post-LDC challenges: Commerce secretary

Infographic: TBS

Bangladesh is set to implement a new five-year action plan to strengthen the country's trade capacity, improve the investment climate and enhance competitiveness in global markets as it prepares for graduation from the Least Developed Country category, according to Commerce Secretary Md Ataur Rahman Khan.

The initiative will be implemented through the Country Programme Document prepared for the third phase of the Enhanced Integrated Framework, a World Trade Organization-led programme that supports LDCs in building trade capacity, he disclosed while addressing a validation workshop on the Document in the ministry conference room in the capital today (19 July).

He said Bangladesh's economy is currently passing through a critical phase as it prepares for LDC graduation while simultaneously addressing challenges such as non-tariff barriers, international compliance requirements and the need to improve the investment environment, according to a commerce ministry press release.

"The recommendations made under the previous phases of the integrated framework have been duly reflected in the Country Programme Document. The document contains 12 priority activities, each aligned with Bangladesh's trade capacity development and reform agenda," he said.

The commerce secretary stressed that preparing policies and research reports alone would not be sufficient, emphasising that effective implementation would be the key to success.

"Alongside studies, the document must provide clear guidance on how reforms can be effectively implemented. The benefits of these reforms should reach ministries, departments and relevant agencies down to the field level," he said.

He also underscored the importance of trade facilitation, trade liberalisation, legal and regulatory reforms and stronger coordination among ministries to improve the overall business environment.

Speaking at the workshop, Additional Secretary (WTO) of the Ministry of Commerce Khadiza Nazneen said the WTO's Enhanced Integrated Framework (EIF) supports LDCs in strengthening their trade capacity with financial assistance from development partners, including the United Kingdom, the European Union and Sweden.

She said Bangladesh had successfully implemented two phases of the integrated framework programme. The first phase ran from 2009 to 2015, while the second phase was implemented from 2016 to 2024.

"The third phase will now begin. Based on the Country Programme Document (CPD), Bangladesh will receive financial support for implementing the programme. The five-year programme is expected to commence this year," she added.

Former Additional Secretary and EIF Consultant Md Hafizur Rahman said the CPD had been prepared by incorporating recommendations from Bangladesh's existing policies, strategies and previous studies.

He said priority areas were identified based on the Diagnostic Trade Integration Study, the Export Policy, Industrial Policy, Trade Policy, the WTO Trade Facilitation Agreement and investment facilitation initiatives.

"Initially, around 52 project ideas were identified. Later, considering the likely support from development partners and implementation capacity, these were narrowed down to 12 priority activities," he said.

The selected activities focus on export capacity development, trade facilitation, improvement of the investment climate, institutional capacity building, training, research and the application of artificial intelligence in trade-related activities.

Additional Secretary (Free Trade Agreement) Ayesha Akter, Additional Secretary Shibir Bichitra Barua and representatives from various ministries, government agencies and stakeholder organisations also attended the workshop.

Participants expressed optimism that successful implementation of the third phase of the EIF programme would help Bangladesh maintain its competitiveness in international trade and attract new investment after its graduation from the LDC category.