Staff Reporter :
World Trade Organisation (WTO) Director-General Dr Ngozi Okonjo-Iweala stated on Friday that the global trade body would assist Bangladesh in achieving a smooth graduation from the Least Developed Country (LDC) status and work to encourage leading businesses to relocate their supply chains to the South Asian nation.
The WTO Director-General made these remarks during a meeting with Chief Adviser Professor Muhammad Yunus on the sidelines of the World Economic
Forum’s annual meeting in the Swiss alpine city of Davos.
Addressing Bangladesh’s forthcoming graduation from LDC status, Dr Ngozi assured that the WTO would ensure a seamless transition.
“We have established principles, and we will be working with you,” the Chief Adviser’s Deputy Press Secretary quoted her as saying.
Dr Ngozi further noted that she had been engaging with top global businesses, advocating for the decentralisation of global logistics by relocating supply chains to Bangladesh.
“I told them, why not Bangladesh? We are intensifying efforts to bring more supply chains to the country,” she added.
Chief Adviser Professor Yunus lauded Dr Ngozi’s leadership, highlighting how her dynamism has revitalised global trade discussions.
Professor Yunus stated that Bangladesh is now “open for business” following an era of mismanagement and business practices linked to oligarchs that had previously hindered the country’s economy.
He emphasised that Bangladesh possesses the potential to become one of the largest manufacturing hubs in the world, owing to its millions of young, tech-savvy, and skilled workers.
The Chief Adviser explained that the interim government was implementing critical economic reforms and had successfully alleviated congestion at Chittagong Port to attract greater foreign investment.
“We have also launched a robust campaign against corruption,” he said, noting that individuals associated with the former ruling family had been involved in corrupt international deals.
Dr Ngozi expressed admiration for the spirit demonstrated by young protesters during the mass uprising in July. “They have set an unprecedented example by delivering impactful messages,” she said.
She also commended Professor Yunus for his leadership in restoring stability to the country and enhancing Bangladesh’s global standing. “You embody stability, and stability and calm have returned to Bangladesh,” she remarked.
During the meeting in a Davos hotel, Dr Ngozi urged Bangladesh to ratify the fisheries subsidy agreement. Professor Yunus assured that Bangladesh would consider the matter.
Commenting on Dr Ngozi’s request regarding the Fish-2 agreement, Ambassador Tareq Md Ariful Islam, Bangladesh’s Permanent Representative to the UN in Geneva, stated that Bangladesh is actively and constructively engaging in its negotiations.
Dr Ngozi also requested Bangladesh’s cooperation in advancing other agreements under negotiation at the WTO, including the investment facilitation for development agreement.
Lamiya Morshed, Principal Coordinator for SDG Affairs, was also present during the meeting