The World Trade Organisation has agreed to its first ever global deal that would add US$ 1 trillion to the global economy in trade by providing poor countries better access to developed markets.
LDCs to take common stand
The Least Developed Countries (LDC) have agreed to take a common stand on four issues at the ninth ministerial conference of the World Trade Organisation beginning in Indonesia on Tuesday.
Published : 2 Dec 2013, 04:27 PM
Updated : 2 Dec 2013, 04:29 PM
Commerce Ministers of the countries reached an agreement at a meeting held in the picturesque Indonesian island of Bali Monday before the four-day meet.
The four issues on which the LDCs are expected to forge a common front are: 100 percent quota- and duty-free access of their products to developed economies, relaxation of rules of origin, reduction in cotton subsidies, and concessions in the service sector.
Commerce Secretary Mahbub Ahmed, who is heading a 17-member Bangladeshi delegation, said: “A common stand of the LDCs could be confirmed before the meeting begins. This common position would be presented formally at the conference.”
“You’ve good news for Bangladesh. All the LDCs agreed to accept the four demands raised by Bangladesh,” he told reporters.
Private sector, NGO, and media representatives are also taking part.
Indonesian President Susilo Bambang Yudhoyono will open the meet at 3:00 pm at the Bali Nusa Dua Convention Centre.
WTO Director General Roberto Azevêdo will also speak at the inaugural session.
Ahmed will present Bangladesh’s position at the plenary session to be held on Wednesday and Thursday.
The meet will end on Friday with the acceptance of the Bali Declaration.
Around 10,000 representatives from 150 countries are already in Bali for the meet, where Yemen will be made a member.
Meanwhile, conference Chairman and Indonesian Trade Minister Gita Wirjawan and three Vice Chairmen in a statement on Monday urged all WTO members to agree on simplifying global trade.
They said simplification of international trade would cut the business costs and time spent on formalities.
They hoped for a positive response from the members.
Also Read: 'Duty-free, quota-free access'
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