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Bangladesh seeks IP facility’s continuation even after LDC graduation

Bangladesh has sought continuation of the existing intellectual property (IP) facility even after its graduation from the least developed countries (LDCs) list.

“Considering the impact of Covid-19 pandemic, Bangladesh strongly demanded continuation of IP facility till at least 2029,” said Commerce Minister Tipu Munshi.

He told the newsmen at the 2nd day of the 12th Ministerial Conference of the WTO at the headquarters of the intergovernmental organisation in Geneva, Switzerland on Sunday, reports BSS.

The minister said that Bangladesh, including many other countries that will graduate from LDCs, jointly demanded the continuation of IP facility even after graduation from LDCs.

“Even after 2026, we want to get the IP facility. I have demanded it here. Two years have passed from our lives because of Covid. The impact will continue for another 5 years. So, considering this situation, we demand to continue the given IP facility till 2029,” he said.

Tipu mentioned that the facility is also essential for Bangladesh to take preparation for the Free Trade Agreement (FTA) and Preferential Trade Agreement (PTA).

Bangladesh is basically getting the IP facility in the pharmaceutical sector. In this sector, the facility will continue for LDCs till 2033. If Bangladesh graduates from LDCs in 2026, the country will lose this facility.

However, the minister said Bangladesh also urged not to impose export ban on food products.

“Bangladesh thinks the Russia-Ukraine war has caused a global food crisis. Many are suffering due to the sudden halt of food exports. The issue has become very important for human survival. Therefore, Bangladesh has demanded not to stop the export of food products,” he added.