The New Nation - Internet Edition

Staff Reporter

Doha Round is the last chance for Bangladesh to derive maximum benefit as a Least Developed Country (LDC), Bangladesh Ambassador to WTO Dr Debapriya Bhattacharya said yesterday seeking cooperation of business community to help achieve that goal.

"We will have to realise maximum possible benefits from this round," he said, addressing the monthly luncheon meeting of the American Chamber of Commerce in Bangladesh (AmCham) at a city hotel yesterday.

Welcoming the guests AmCham president Syed Ershad Ahmed sought appropriate trade policies as part of overcoming the current global financial crisis. He said the importance of WTO is increasing in tackling the financial crisis more efficiently.

Dr Bhattacharya pointed out that the Doha Round, expected to conclude in early 2011, would be the last opportunity for Bangladesh to negotiate trade preferences as a least developed country.

"I believe, Bangladesh will emerge as a middle-income country by the time when another round of WTO negotiation begins," he said, expressing the high hope that Bangladesh would at least become a lower middle income country when it will celebrate the 50th anniversary.

In the meantime, a new round of WTO negotiation would be launched, he observed.

Dr Bhattacharya, the country's permanent representative in Geneva, said the current Doha Round is now facing setback due to the elections in the United States, followed due to European Union and India, and the current global financial crisis.

He estimated that the current negotiation would gain momentum early next year and take one year to conclude while another one year would be required for scheduling the decisions.

The economist said it has by now become a little bit difficult for Bangladesh to get negotiating partners in the WTO as hardly any other country in the LDCs group could boost their trade as significantly as Bangladesh has achieved since the WTO came into being in 1995.

Bangladesh's share in world trade almost doubled to 0.11 per cent in 2006 from 0.06 per cent in 1995 while value of exports quadrupled to about US$13 billion.

Dr Bhattacharya said the country would have to find new partners in the second round of trade negotiations under WTO and, meanwhile, it would have to take preparations to face the emerging situation with more vigour.

"Apart from trying to get duty-free market access in the USA, we'll have to diversify our export items as well as destinations particularly in view of the current financial crisis," he told the meeting.

He said USA is now the only developed country yet to fulfil the Hong-Kong commitment of providing duty-free market access to LDCs while they were facing pressure in the WTO.