Bangladesh should decide politically about supporting Russia
The economic sanctions imposed on Russia by Western countries, including the United States, contradicts the World Trade Organisation's most favoured nation (MFN) principle. The countries enforced such tough measures from the political perspective, rather than complying with WTO rules. According to WTO rules, no country can be stripped of the MFN status.
Besides, the West was preparing to revoke important benefits of Russia's membership, which is also contrary to the WTO's policy of facilitating international trade. The West is doing everything politically.
Russia is going to hit back at the West with countermeasures in the WTO and it has sought Bangladesh's support.
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Bangladesh has interests with Russia – if it withdraws from the Rooppur nuclear power plant for any reason, Bangladesh will suffer huge losses.
On the other hand, Bangladesh has trade interests in the European Union and the United States, which must be kept intact.
That is why what Bangladesh will do about Russia's urge for support will have to be decided politically from the highest echelons of the government without considering it according to the WTO policy.
The government will have to take a political decision, considering the pros and cons of each step amid the confrontation of the two superpowers. However, it will be very difficult for Bangladesh to take a decision because the trade decisions that the two sides are taking centring the Russia-Ukraine war are of political consideration.
The US is pressuring India not to increase oil imports from Russia, while they themselves are importing oil from Russia. The US has renewed talks with oil-rich Venezuela about importing oil into the country with a view to meeting its own demand. The US is doing all this for its own sake. So, before taking any decision, Bangladesh has to give utmost importance to the interests of the country.
Dr Mostafa Abid Khan, a member (PRL) of Bangladesh Trade and Tariff Commission, spoke to TBS Special Correspondent Abul Kashem over the phone
