Bangladesh works hard for its smooth graduation from LDC to ‘developing nation’

Amidst rising concerns among apparel makers regarding the effect of Bangladesh graduating from Least Developed Country (LDC) to the ‘developing nation’ status, the country is reportedly all set to push for getting the LDC-related benefits for an extended period by co-hosting an international event on ‘Supporting Smooth Transition of the LDCs towards a Sustainable Graduation’, during the upcoming ‘High Level Political Forum’ at New York.

Many in the industry reportedly have apprehensions that graduating to the developing nation status might have vital economic implications for the sector.

It may be mentioned here that as an LDC, Bangladesh enjoys 12 per cent preference margin for its apparel exports to Europe under the European Union’s Everything but Arms (EBA) Initiative.

Led by Finance Minister AMA Muhith, a high-level delegation from Bangladesh would reportedly attend the event, which coincidentally comes just months after Bangladesh fulfilled the criteria for LDC graduation during the latest triennial review of the UN’s Committee for Development Policy.

Given Bangladesh’s rate of progress, the country is expected to graduate from the LDC status by 2024.

Attended by representatives from 47 least developed countries (LDCs) from across the globe, the upcoming event jointly organised by Bangladesh with the United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP), will reportedly focus on challenges faced by the LDCs during and after the graduation phase.

“This will give us a platform to put pressure on the international community to continue the LDC-related facilities for an extended period of time,” reportedly maintained Monowar Ahmed, Additional Secretary of the Economic Relations Division of Bangladesh, while speaking to the media.

Ahmed further underlined that this is critical for smoothing the graduation process of not only Bangladesh but many other countries that would graduate in the coming years.

Apart from the LDC graduation meeting, Bangladesh would reportedly co-host another event on ‘Enhancing the Global Partnership for Sustainable Development’.