Yunus-Ngozi meeting: WTO promises to integrate Dhaka into global supply chains

The WTO chief says she has been urging 3 of the world’s top business groups to consider relocating their supply chains to Bangladesh

Ngozi Okonjo-Iweala, the director general of the World Trade Organization, or WTO, has pledged to assist Bangladesh in navigating its transition from least developed country, or LDC, status and integration into global supply chains.

Speaking on the sidelines of the World Economic Forum’s annual meeting in Switzerland’s Davos on Friday, Ngozi assured Chief Advisor Muhammad Yunus of the WTO’s commitment to “smoothing” Bangladesh’s path to economic advancement.

"We have established principles. We will be working with you," Ngozi told Yunus during their meeting, according to Bangladesh Sangbad Sangstha, the state-run news agency.

The WTO chief said she had been in discussions with three of the world’s top business groups, urging them to consider relocating their supply chains to Bangladesh.

"I told them, ‘Why not Bangladesh?’ We are doing more pushes to have more supply chains in Bangladesh,” she added.

Noting Ngozi’s role in reinvigorating global trade negotiations, Yunus said: “Bangladesh’s economy was destroyed by corruption and oligarchs close to the dictator. Now that we have come out of that, the environment is open for business.”

He also stated that Bangladesh has the potential to become one of the major manufacturing hubs in the world, with millions of young people and a skilled workforce familiar with technology.

Highlighting reforms undertaken by the interim government, Yunus pointed to improvements at Chattagram Port aimed at attracting foreign investment, alongside measures to combat corruption.

"We've also launched a fight against corruption,” he told Ngozi.

Speaking of the tenure of the deposed Awami League government, Yunus said: “All international agreements that were corrupt were signed by people close to the ruling family at the time."

Ngozi also commended the determination of young protesters who had mobilised during Bangladesh’s July Revolution, describing their efforts as “unprecedented” in sending powerful messages for change.

"You are an image of stability. And stability and calm have returned to Bangladesh," she told Yunus.

During the meeting, the WTO chief also urged Bangladesh to ratify the Fisheries Subsidy Agreement.

In response, the chief advisor said that the matter would be reviewed.

Tareq Ariful Islam, Bangladesh’s Permanent Representative to the United Nations in Geneva, noted that the country is already engaged in constructive discussions on the agreement.

Yunus is expected to return to Bangladesh on Saturday.