The government has taken up a Tk 1 crore project aimed at bringing about certain readjustments' in the legal arena and the trade and financial sectors in the light of the recently signed GATT accord, according to official sources.

The project concept paper (PCP) has already been approved and the government is now looking for a donor for the project.

According to Commerce Ministry sources, the United Nations Development Programme (UNDP) may provide funds for the project. It would recommend ways and means of benefitting from the global trade accord, the General Agreement on Tariffs and Trade (GATT).

Under the project, efforts would be made to assess the export potentials of the country and find out how to utilise that in the most efficient way for capturing markets abroad.

Consultants for the project would be appointed after confirmation of . the receipt of funds from the donors.

Under the project, an export strategy would also be prepared for boosting export.

Recommendations for amending laws relating to

trade, investment and commerce would be. made to make those consistent with the global trade . accord, the sources said

Talking to The Daily Star, an official of the Commerce Ministry said although the GATT accord failed to reflect the aspirations of the Third World nations, there is scope for taking advantage of an open global market. Efforts are being made to take that advantage by formulating an effective strategy, he said.

"We are opening a market of only eleven crore people for the world, but at the same time, a huge market of about 500 crore people is being opened for our exporters through the implementation of GATT." the official said

The accord finalised in December last year was signed by the commerce ministers of the 117 member-countries on April 12 this year during the Uruguay Round. global trade summit in the southern Moroccan city of Marakkesh.

The volume of trade of the 47 least developed GATT member-countries is only 0.3 per dent of (he total world trade.