GSP to be focused at WTO Ministerial Conference: Commerce secretary

The Generalised System of Preferences (GSP) facility will be the prime focus at the upcoming WTO Ministerial Conference, Commerce Secretary Tapan Kanti Ghosh said.

Bangladesh will also emphasise withdrawal of fishery subsidy and uninterrupted supply of antidotes, including Covid vaccines, he said.

The 12th Ministerial Conference of the World Trade Organization will take place from 30 November to 3 December in Geneva, Switzerland. 

GSP was previously proposed to stay for 12 years after graduating from the least developed countries (LDC) status but was later lowered to 6-9 years.

The commerce secretary said if the GSP facility is not available after graduation, initiatives will be taken to sign free trade agreements (FTAs) with the European Union, the United States, China and India – the main export markets of Bangladesh.

"Bangladesh's economy is the most diversified among the LDCs. But, our export products are not diversified.

"We are working to diversify export products. The forthcoming export policy will also focus on export diversification in the context of graduation," he said.

Tapan said Bangladesh will support the withdrawal of fishery subsidy because many countries provide a lot of subsidies for fishery, give free oil to fishing trawlers, but Bangladesh does not give any subsidy to the fisheries sector.

He was speaking as the chief guest at the inaugural function of a workshop on the 12th WTO ministerial conference held at the Economic Reporters Forum auditorium in the capital's Paltan.

Md Hafizur Rahman, director general of the WTO Cell of the Ministry of Commerce, and Dr Mostafa Abid Khan, former member of the Bangladesh Trade and Tariff Commission, also spoke at the event.