Crucial challenge ahead in global trade negotiations

FE Team | Published: October 28, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
The country faces a crucial challenge in international trade negotiations over the next six months in the event of US presidential poll, soaring prices of oil and food items in world markets and adverse international political environment, said Debapriya Bhattacharya, Bangladesh's Permanent Representative designate to the United Nations in Geneva.
"Well-preparation with the help of both the private and public sector will be imperative to face the situation in the international trade deals, including the World Trade Organisation (WTO) negotiations," he said at a meeting with the business leaders Saturday in Dhaka.
He urged the businessmen to appoint a private sector trade diplomat in Geneva in parallel with the government representative.
In response, the trade leaders supported Bhattacharya's proposal and assured him of doing so.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) organised the discussion with Bhattacharya, who will leave Bangladesh on November 3 to take up his job in Geneva. The discussion on WTO issues was held at the FBCCI conference room.
Leaders of different trade bodies and some officials of the commerce ministry spoke on the occasion with FBCCI President Mir Nasir Hossain in the chair.
Bhattacharya, who was the Executive Director of the Centre for Policy Dialogue (CPD), said if the bill in the US House of Representatives on duty-free and quota-free (DFQF) access of the products from all LDCs is passed before its presidential election, Bangladesh will be benefited much.
He urged the Bangladeshi entrepreneurs to maintain a minimum wage-structure for the workers and comply with international compliances in the factories for striking fruitful results from the multilateral and bilateral trade deals.
"Apart from the trade issues, meeting the compliances in the local factories as per international labour law will be another challenging factor for Bangladesh in its future trade and business deals with different countries," he observed.
About the proposal on appointing trade diplomat in Geneva from the private sector, leaders from different trade bodies, including FBCCI President Mir Nasir Hossain, ex-President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Annisul Huq, and President of the Dhaka Chamber of Commerce and Industry (DCCI) Hossain Khaleed, pledged to provide necessary support to appointment of a diplomat from private sector.
Bhattacharya also urged the private sector businessmen to help the government play a vital role in the WTO negotiations saying: "The soaring petroleum and food prices in the international market, high inflationary pressure and a complex international politics might pose a challenge towards attaining benefit from the international trade negotiations."
He, however, said as the country's present position looks better because of massive reforms, undertaken by the present caretaker administration, there is scope for driving benefit from different multilateral and bilateral trade deals.
Underscoring the need for improvement in negotiations capacity of Bangladesh and strengthening the WTO Cell in the commerce ministry, Mir Nasir Hossain said: "The least developed countries (LDCs) must maintain a distance from other developing countries at the time of negotiations and their interests should not be mixed up with that of other developing countries."
Annisul Huq requested the newly-appointed Bangladeshi diplomat in Geneva to help get the duty-free and quota-free (DFQF) access facilities to the US markets of some products like footwear, clock and textiles, which the country can produce and export.
Sharifa Khatun, an official in the government's WTO Cell, called for drawing up strategies that might help Bangladesh in WTO negotiations.
Other trade leaders underlined the need for strengthening both the WTO Cell in the commerce ministry and the Geneva Mission for building a strong negotiation capacity to obtain benefit under the Mode-4 of the WTO negotiations.