Momen urges intel community to support LDCs in addressing development challenges

Foreign Minister A K Abdul Momen has urged the international community to support the East Developed Countries (LDCs) to address their development challenges.

Momen came up with the call while delivering his statement at the Summit of the LDC Group that began in Doha, the capital of Qatar on March 4.

In his remarks, the foreign minister also highlighted Bangladesh’s readiness to share its home-grown development experiences with other LDCs through South-South and triangular cooperation.

He emphasised the need for the LDCs to diversify their economies and exports, with customised support from the United Nations (UN) programs and specialised agencies.

He also called for the continuation of preferential market access for the LDCs for a certain period of time beyond their graduation.

With regard to the World Trade Organisation (WTO) services waiver for the LDCs, he urged the developed countries to align their demands with services offered by the LDCs, especially for IT-enabled services.

Momen thanked the UN Secretary-General for his suggestion that graduation must be rewarded not punished.

He further requested the international community to support the submission made by the LDC Group to the WTO for the continuation of waiver provisions under the TRIPS Agreement for graduating LDCs in the interest of their public health, food security, and climate action.

The foreign minister stressed the need for viable investments in infrastructure development and digital transformation in LDCs.

He emphasised on the effective international support for investing in education, skills, and technology to enhance LDCs' human capital.

Momen also underlined the importance of remittance for LDCs’ economies and urged the destination countries to work together for the reduction of transaction costs for remittances.