Bangladesh has placed six proposals to make the multilateral trading system

more effective recognizing importance of multilateral trading system for sustainable development.

Principal Secretary to the Prime Minister Md Nojibur Rahman placed the recommendations at the high-level thematic panel discussion titled ‘trade, science, technology, innovation and capacity building’ of the 4th ECOSOC Forum on Financing for Development (FFD) at the UN Headquarters on Thursday.

Sofie Maddens, Head, Regulatory Market Environment Division, ITU and Miho Shirotori, Chief, Global & Regional Trade Analysis Section, UNCTAD were the other panelists of the event.

The Principal Secretary said the international community must promote a universal, rule-based, open, transparent, predictable, inclusive, non-discriminatory and equitable multilateral trading system.

Implementation of the WTO Ministerial decisions is vitally important for the promotion of trade, he said.

Second, according to NojiburRahman, it is imperative for the WTO to address the current challenges faced by the international trading system, according to a press release.

“It needs to be ensured that development remains at the front and center of the multilateral trading system,” he said.

Sharing his third recommendation NojiburRahman said issues such as trade barriers, trade-distorting subsidies, and other trade-distorting measures must be addressed.

According to his 4th proposal, the Doha Development Agenda aiming at addressing the systemic imbalances in the multilateral trading system need to be concluded.

Besides, his 5th proposal is digital platforms and fintech can help strengthen trade financing for MSMEs.

Finally, he said ‘Aid for trade’ support should be increased for the capacity building, diversification, value addition and integration of the low income countries into the global value chains.

Highlighting different steps taken by Bangladesh in the use of technology-innovation, digital economy and e-commerce, the Principal Secretary saidBangladesh, under the visionary leadership of Prime Minister Sheikh Hasina, is making inroads into a digital society to reap the potentials of e-commerce.