Muktadir calls for balanced approach to WTO reforms

Commerce Minister Khandakar Abdul Muktadir has called for a balanced approach to the reforms of the World Trade Organisation (WTO), emphasising that any change must preserve the organisation's core principles and protect the interests of developing nations.

Speaking at the 14th Ministerial Conference (MC14) during a session titled "WTO Reform: Fundamental Issues" on March 26, the minister acknowledged that while reforms were necessary to meet the modern realities, they should not undermine the foundation of the multilateral trading system, according to a press release issued by the commerce ministry.

The conference started on March 26 in Yaoundé, the capital of Cameroon, and will continue until tomorrow (March 29).

A six-member Bangladesh delegation, including Commerce Secretary Mahbubur Rahman, has already joined the global mega event.

Minister Muktadir highlighted that the WTO was built on the pillars of non-discrimination, inclusivity, and consensus-based decision-making.

He noted that these rules had provided vital benefits for the Least Developed Countries (LDCs) and developing nations alike.

"The current rule-based multilateral system has ensured equity and inclusion in global trade. We must be careful not to dismantle a structure that has taken decades of effort to build," the minister stated.

He pointed out that despite the 2008 financial crisis and the Covid-19 pandemic, the existing trade framework had successfully fostered consistent income growth in many nations over the last three decades.

This, he argued, was a testament to the system's effectiveness.

As the global trade community discusses the future of the WTO, Bangladesh maintains that the reform process must be handled with extreme caution.

The goal, according to the minister, should be to maintain the integrity of the system while ensuring outcomes remain development-oriented for all 166 member states.

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