Momen seeks continuation of TRIPS waiver for graduating LDCs

Foreign Minister Dr AK Abdul Momen has urged the international community to support the submission made by the Least Developed Countries (LDCs) to the WTO for the continuation of waiver provisions under TRIPS Agreement for graduating LDCs.

He also called for the continuation of preferential market access for LDCs for a certain period of time beyond their graduation.

He made the urge in the interest of LDC country's public health, food security, and climate action while delivering country statement at the Summit of the LDC Group for, held in Doha, Qatar on March 4, said a press release received here today.

The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international legal agreement between all the member nations of the World Trade Organization (WTO).

With regard to WTO services waiver for LDCs, Momen urged developed countries to align their demands with services offered by LDCs, especially for IT-enabled services.

In his speech, Foreign Minister thanked the UN Secretary-General Antonio Guterres for his suggestion that graduation must be rewarded not punished.

The foreign minister stressed the need for viable investments in infrastructure development and digital transformation in LDCs.

He also highlighted Bangladesh's readiness to share its home-grown development experiences with other LDCs through South-South and triangular cooperation.

Underlining the importance of remittance for LDCS economies Momen urged destination countries to work together for the reduction of transaction costs for remittances.

The Foreign minister also called for dignified treatment of migrants in source, transit, and destination countries, regardless of their status, the release said.