Commerce Secretary Dr Tapan Kanti Ghosh has acknowledged that the country’s impending graduation from the least developed countries (LDC) grouping would present new challenges as well as opportunities for the economy.
He made the remarks while addressing a consultation meeting of the Bangladesh Foreign Trade Institute (BFTI) titled “Identification of Trade-related Graduation Challenges and Preparation of Sector-Specific Trade Roadmaps for Overcoming the Challenges” on Tuesday.
The BFTI, a subordinate body of the Commerce Ministry to deal with issues under the World Trade Organization (WTO), organised the meeting to discuss the findings of its recently conducted research on post-graduation challenges to trade and business.
The commerce secretary said the public and private sectors must work together to address the LDC graduation challenge.
“There is no option but diversification of products and exports to overcome the graduation challenge and to develop trade,” he said adding, “The government has taken various steps for ease of doing business and all the ministries and agencies of the government are working together.”
In the consultation meeting, the stakeholders discussed different issues to identify and overcome trade-related challenges of LDC graduation.
They made different suggestions for developing a roadmap on trade for 4 sectors of light engineering, plastic products, leather and leather products and non-leather footwear.
Earlier, a similar stakeholder consultation meeting was held on November 3 to draw up a trade-related roadmap for different sectors including manufactured garments, shipbuilding industry, agricultural products and processed food and fisheries and livestock in the first phase.
The third phase of the stakeholder consultations featuring 4 more sectors will be held on November 10.
With BFTI Chief Executive Officer Md Zafar Uddin in the chair, the meeting was also addressed by Hafizur Rahman, director general and additional secretary of WTO Wing of the Commerce Ministry, president of Bangladesh Plastic Goods Manufacturers and Exporters Association Shamim Ahmed, President of Bangladesh Engineering Industry Owners Association Abdur Razzak and representatives of different public and private sector organisations.
Source: United News of Bangladesh