[🇧🇩] LDC Graduation For Bangladesh

[Saif]

EU, G77 back country's bid for smooth LDC graduation

A big backing comes from the European Union (EU) and the Group of 77 and China (G77) to Bangladesh in its try for smooth, sustainable and irreversible graduation from the least- developed country (LDC) category with extended time. According to a government news release issued Friday, the ass

thefinancialexpress.com.bd

EU, G77 back country's bid for smooth LDC graduation

A big backing comes from the European Union (EU) and the Group of 77 and China (G77) to Bangladesh in its try for smooth, sustainable and irreversible graduation from the least- developed country (LDC) category with extended time.

According to a government news release issued Friday, the assurances came during separate meetings at the United Nations Headquarters between Commerce Minister Khandakar Abdul Muktadir and Head of the European Union Delegation to the United Nations Ambassador Stavros Lambrinidis, and Chair of the Group of 77 and China and Permanent Representative of Uruguay to the United Nations Ambassador Laura Dupuy Lasserre.

The minister was accompanied by State Minister for Planning Zonayed Saki, Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky, Bangladesh Permanent Representative to the United Nations Ambassador Salahuddin Noman Chowdhury, Footwear, Leathergoods and Accessories Exporters' Association of Bangladesh (LFMEAB) President Syed Nasim Manzur and Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Mahmud Hasan Khan.

During the meetings, the commerce minister explained the rationale behind Bangladesh's request for a three-year extension of the LDC-graduation-preparatory period, citing the country's ongoing economic and political transition, global economic uncertainty, energy challenges and the need to consolidate structural reforms.

He reiterated the government's commitment to strengthening governance, reforming the financial sector, improving infrastructure, enhancing domestic resource mobilisation and creating a more investment-friendly business environment.

"The additional time would help consolidate reforms, remove infrastructure bottlenecks, strengthen industrial competitiveness and ensure that Bangladesh's graduation remains smooth, sustainable and irreversible," the minister was quoted as saying.

Ambassador Lambrinidis has welcomed the government's commitment to good governance and sustainable development and expressed the EU's continued support for Bangladesh's graduation process.

He also welcomed the launch of discussions on a Bangladesh-European Union Free-Trade Agreement (FTA) and stressed the importance of stronger public-private cooperation to facilitate the transition, according to the press release.

Meanwhile, Ambassador Lasserre acknowledged the strength of Bangladesh's case for extending the preparatory period and praised the government's pragmatic reform agenda.

She reaffirmed the G77's support for Bangladesh and proposed a dedicated briefing for G77 member- states on the country's graduation strategy, a proposal welcomed by the Bangladesh delegation.

Following the meetings, the ERD Secretary, Shahriar Kader Siddiky, described the discussions with the EU delegation as "productive", saying that the bloc reiterated its continued support for Bangladesh's smooth, sustainable and irreversible graduation from the world's poor-country club.​

 

[Saif]

Loading…

www.thedailystar.net

Bangladesh takes 5-year plan to get ready for post-LDC challenges

The commerce ministry today organised a validation workshop on the programme

Star Business Report

File visual: Anwar Sohel/Star

The government has adopted a new five-year plan to improve the country's investment climate and business competitiveness and prepare for the challenges it will face after graduating from the least developed country (LDC) category in November this year.

The new programme has been undertaken under the third phase of the Enhanced Integrated Framework (EIF) of the World Trade Organisation, according to a statement from the commerce ministry.

The commerce ministry today organised a validation workshop on the new EIF programme at the ministry to make its officials aware of the plan.

At the workshop, Commerce Secretary Ataur Rahman Khan said the economy has been passing through an important period as, on the one hand, the country has to prepare for LDC graduation and, on the other hand, it is facing non-tariff barriers to exports and challenges in improving the investment climate.

The 12 key recommendations made by the EIF in its earlier programme have been incorporated into the newly formulated country document, which will help improve business competitiveness and support the ongoing reform initiatives, the secretary also said.

The document gives importance to improving the business environment by enhancing the ease of doing business, liberalising the tariff regime, and relaxing related rules in collaboration with the ministries concerned.

Additional Commerce Secretary Khadiza Nazneen said the WTO provides assistance to LDCs and graduating LDCs to improve business competitiveness through its arm, the EIF, while the UK, the European Union, and Sweden support the programme.

Bangladesh has already implemented different recommendations under EIF-funded projects in two phases from 2009 to 2024.

The five-year third phase of the EIF-funded project may begin this year as the country is eligible for the fund, Nazneen also said.

EIF-funded Project Consultant Md Hafizur Rahman said 52 projects were initially identified, but later 12 were prioritised, considering implementation capacity and assurances of funding from foreign donors.

Bangladesh has been preparing to face the challenges of LDC graduation and retain preferential trade benefits, as the country may lose $17.5 billion worth of exports annually because of the graduation.

Currently, 73 percent of Bangladesh's trade enjoys LDC-specific preferences, and Bangladesh is the largest beneficiary of LDC-specific trade benefits, accounting for 67 percent of the preferences provided to all 44 LDCs by developing and developed countries.​