Bangladesh capable of extending trade benefit to LDCs: Top official

Of the total garment exports, 73 per cent is shipped under the LDC category.

Ghosh made the comments at a workshop on World Trade Organisation (WTO) Ministerial Conference organised by the Economic Reporters' Forum in Dhaka.

It is expected that exports from country will not face any negative impact up to 2029 in the European Union, where 67 per cent of the garment item is shipped, as the bloc will keep granting preferential trade treatment for three more years.

"We have eight years to take preparations to compete after graduation. By this time, the local exporters, especially the backward linkage industries of the garment sector, will be capable of supplying raw materials to the local garment sector," Ghosh was quoted as saying by Bangla media reports.

WTO members may extend the LDC benefit to graduating countries for six to nine years and negotiations are under way regarding that, Ghosh said. Bangladesh is also negotiating to obtain the GSP Plus status in the European Union market.

ALCHEMPro News Desk (DS)