Written by The Banking Post
Commerce Minister Khandakar Abdul Muktadir has called for a balanced approach to reforming the World Trade Organization, warning against changes that could undermine the global trading system’s core principles.
Speaking at the 14th Ministerial Conference (MC14) in Yaoundé on March 26, the minister said reforms are necessary to reflect modern realities, but must not erode the foundation of the multilateral trade framework.
Preserve core principles
He stressed that the WTO is built on key pillars such as non-discrimination, inclusivity and consensus-based decision-making—principles that have long supported developing and least developed countries.
“The current rule-based multilateral system has ensured equity and inclusion in global trade. We must be careful not to dismantle a structure that has taken decades to build,” he said.
Proven system, evolving needs
Muktadir noted that despite global shocks like the 2008 financial crisis and the Covid-19 pandemic, the WTO framework has helped sustain income growth across many economies over the past three decades.
This, he argued, demonstrates the system’s resilience and effectiveness.
Reform with caution
As discussions on WTO reform gather pace, Bangladesh has urged members to proceed carefully, ensuring that any changes remain development-oriented and inclusive for all 166 member states.
A six-member Bangladesh delegation, led by senior officials, is attending the conference, which runs until March 29.
The minister emphasised that the ultimate goal of reform should be to strengthen—not weaken—the integrity of the multilateral trading system while safeguarding the interests of developing nations.
