• Sunday, Aug 14, 2022
  • Last Update : 04:24 pm

TRIPS transition period for LDCs extended by 13 years

  • Published at 04:27 pm June 30th, 2021

'This special transition period will remain in force till July 1, 2034'

The transition period of the Trade-Related Aspects of Intellectual Property Rights (TRIPS) for theLDCs has been extended by another 13 years.

Md Mustafizur Rahman, ambassador and permanent representative of Bangladesh in Geneva said the negotiation was not smooth at all and the developed countries - particularly, the US and the European Union were not agreeable to such a long transition period.

“This special transition period will remain in force till July 1, 2034. With this achievement, we’re delighted,” he said.

After a long and intense negotiation among the members of the World Trade Organization (WTO), a proposal in this regard has been adopted by consensus in the TRIPS Council.

Bangladesh played a leadership role in this negotiation on behalf of the Least Developed Countries (LDCs), said the Bangladesh Permanent Mission in Geneva on Wednesday.

Also Read - Bangladesh to seek LDC benefits for 5 years after graduation

This is the longest extension up till now. Earlier there were such extensions for periods of seven and eight years.

The ambassador said Bangladesh is soon going to graduate from the list of the LDCs. “Despite that, we were inclined to find a long term transition period for the LDCs so that they don’t need to sit for negotiation frequently.”

Bangladesh has been playing a leadership role on behalf of the LDCs in various international negotiations.

Currently, another proposal with regard to LDC graduation is under consideration in the General Council of WTO.

Bangladesh is also leading the LDCs in this negotiation.

At present, the African country of Chad is playing the role of coordinator in the organization but on the matters of trade and intellectual property rights, Bangladesh is leading the negotiations in the WTO.