The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, reaffirmed the organization’s commitment to ensuring Bangladesh’s smooth graduation from the Least Developed Country (LDC) category and promoting the country as a hub for global supply chains.
Speaking during a meeting with Chief Adviser Prof Muhammad Yunus on the sidelines of the World Economic Forum annual meeting in Davos, Ngozi highlighted the WTO’s efforts to support Bangladesh’s economic transition.
“We have established principles. We will be working with you to ensure the graduation process is smooth,” she assured.
Ngozi also revealed her ongoing discussions with global businesses to encourage them to relocate their supply chains to Bangladesh as part of a broader strategy for decentralizing global logistics. “I told them, why not Bangladesh? We are doing more pushes to have more supply chains in Bangladesh,” she stated.
Prof Yunus expressed optimism about Bangladesh’s potential as a manufacturing hub, citing a young, skilled, and tech-savvy workforce. He also noted that the interim government had implemented critical reforms to improve the business climate, including decongesting Chattogram Port and combating corruption.
“Bangladesh is open for business. We are addressing issues caused by previous misrule and oligarch-linked business practices, and we’ve launched a fight against corruption,” he said.
Ngozi praised Prof Yunus’s leadership, commending his role in stabilizing the nation and restoring its global image. “You are an image of stability. Stability and calm have returned to Bangladesh,” she said.
She also lauded the spirit of the youth during the July mass uprising, describing their actions as “unprecedented” in delivering impactful messages.
During the meeting, Ngozi urged Bangladesh to ratify the WTO’s fisheries subsidy agreement and facilitate progress on other key instruments under negotiation, including the investment facilitation for development agreement.
Bangladesh’s Permanent Representative to the UN in Geneva, Tareq Ariful Islam, confirmed the country’s constructive engagement in negotiations on the Fish-2 agreement. Additionally, Lamiya Morshed, the interim government’s SDG coordinator, participated in the discussions.
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