The TRIPS transition period for least-developed countries (LDCs) has been extended by the World Trade Organisation (WTO) for a period of another 13 years.
After long and intense negotiations among WTO members, a proposal to this end was adopted on Wednesday by consensus in the TRIPS Council.
Bangladesh played a leadership role in the negotiations on behalf of the LDCs, said a spokesperson for Bangladesh's permanent mission in Geneva.
This is the longest extension till now as earlier such extensions were for seven and eight years.
Md Mustafizur Rahman, ambassador and permanent representative of Bangladesh in Geneva, said: "The negotiation was not smooth at all. 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 01, 2034," he went on to say.
"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 negotiations frequently."
Bangladesh has been playing a leadership role on behalf of the LDCs in various international negotiations.
Currently, another proposal with regard to the LDC graduation is under consideration in the General Council of the WTO.
Bangladesh is also leading the LDCs in the talks.
The Republic of Chad is now playing the role of coordinator in the organisation, the spokesperson said.
But Bangladesh is leading the negotiations in the WTO on the matters of trade and intellectual property rights, he added.
mirmostafiz@yahoo.com