TRIPS transition for LDCs extended by 13 years
The transition time for Trade-Related Aspects of Intellectual Property Rights (TRIPS) of least developed countries (LDCs) has been extended by 13 years.
After long and intense negotiation among member countries of the World Trade Organisation (WTO), a proposal in this regard was adopted by the TRIPS Council on Tuesday, said a media statement.
Bangladesh played a leading role in this negotiation on behalf of the least developed countries.
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This is the longest time extension till now. Earlier, there were such extensions for up to eight years.
Commenting on the issue, Md Mustafizur Rahman, ambassador and permanent representative of Bangladesh in Geneva said, "The negotiations were not smooth at all because the developed nations, especially the US and the European Union, were reluctant to agree to such a long transition time."
This special transition period will remain in force till 1 July 2034.
"Bangladesh is soon going to graduate from the list of LDCs. Despite that, we were inclined to negotiate for a long-term transition period for LDCs so that they don't need to go for negotiations frequently," Mustafizur Rahman added.
Bangladesh has been playing a leading role on behalf of LDCs in various international platforms.
Currently, another proposal with regard to LDC graduation is under consideration at the WTO General Council. Bangladesh is leading the least developed countries in this negotiation too.
