DHAKA, June 30, 2021 (BSS) - The transition period of the Trade-Related Aspects of Intellectual Property Rights (TRIPS) for the least developed countries has been extended for a period of thirteen years.

TRIPS council has adopted a proposal in this regard yesterday by consensus after a long and intense negotiation among the members of the World Trade Organization (WTO).

Bangladesh played a leading role in the negotiation process on behalf of the LDCs, said a press release sent by the Permanent Mission of Bangladesh to the United Nations in Geneva.

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

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

"This special transition period will remain in force till July 1, 2034" he said in a statement, expressing satisfaction over the achievement.

Mustafizur also said Bangladesh is going to graduate soon from the list of the LDCs, but is inclined to find a long-term transition period for the LDCs so that they do not need to sit for negotiation frequently.

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.