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LDCs to demand full duty waiver

Star Business Report
Trade analysts yesterday demanded full duty-waiver for least-developed countries' (LDCs) exports to developed countries, as promised in the Sixth World Trade Organisation Ministerial Conference in 2005.
They also urged the leaders of the developed countries to outline a specific timeline for implementation of the full duty-waiver on import of goods from LDCs, in the Ninth WTO Ministerial Conference to be held in Bali from December3 to 6.
Currently, the developed countries, particularly the US, offer duty benefits to 97 percent of the products from LDCs. The major exportable products, however, are excluded, so the LDCs do not enjoy any meaningful gains from the facility.
For instance, the country’s main foreign exchange earner, readymade garments, is not included in the duty benefit scheme to the American market; it is subjected to 15.30 percent duty upon entry to the US shores.
In 2012, the country paid $746 million as duty to the US customs for exporting a little above five billion dollars worth of garment items. Bangladesh, however, was supposed to enjoy the zero-duty benefits on export for all products to the US market, as per the commitments in the 2005 Ministerial Conference in Hong Kong.
"So, we want inclusion of those 3 percent products in the WTO Ministerial Conference in Bali," said Mustafizur Rahman, executive director of Centre for Policy Dialogue (CPD), during a conference at the capital's BRAC Centre Inn yesterday on the upcoming WTO Ministerial meet.
He also urged the developed countries for expeditious and effective implementation of the LDC services waiver.
Rahman also demanded that the WTO harmonise trade facilitation with other issues like customs valuation, as the LDCs would "benefit from flexibility of trade facilitation".
Earlier, at a session on trade facilitation, Manzur Ahmed, an adviser to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), said the transit and energy transit are the newest issues in trade facilitation.
"So, those newest issues should be elaborated while any action is taken in this regard." Toufiq Ali, former permanent representative of Bangladesh to the WTO and UN offices in Geneva, said although the tariff rates are coming down, cohesive negotiation is needed by the LDCs to reduce them even further.
Also at the conference, the participants of the African LDCs demanded that the US reduces subsidy on cotton production as it creates an uneven competition in global cotton trade.
Debapriya Bhattacharya, economist and distinguished fellow of CPD, chaired the final session on 'systemic issues and way forward’, while Foreign Secretary Shahidul Haque was the chief guest. Commerce Secretary Mahbub Ahmed also spoke.