The Trade Related Aspects of Intellectual Property Rights (TRIPs) council meeting on Friday approved extension of the transition period for pharmaceutical products for the least developed countries till 2032.
“It is hoped that the upcoming General Council at the WTO would also accord necessary approval on this,” said a press note issued by the Foreign Ministry.
It is the longest ever negotiated exemption for LDCs after the establishment of WTO under any agreement.
“In addition, this time, Bangladesh secured additional protection for LDCs including waiver from TRIPS Article 70.8 as well as the previous waiver from TRIPS Article 70.9. This is considered by all in Geneva to be a double victory for the LDCs,” the press note said.
The decision is considered highly favourable for the LDCs in general and Bangladesh in particular as Bangladesh would be benefiting the most out of this decision.
As a result of long negotiation with the United States, LDCs under the leadership of Bangladesh Ambassador to Geneva M Shameem Ahsan as coordinator in WTO secured the extension of the transition period.
Before the decision, December 2015 is the deadline for Bangladesh and other LDCs to enjoy the transition period, after which these countries would have to buy the regular medicines at a much higher price.