Bangladesh has sought duty waivers on its products for 10 to 12 years after it graduates to a developing nation (expected by 2024) from the current status of LDC (Least Developed Country), claimed media reports which cited a top official from the Commerce Ministry in this regard.
As per Commerce Secretary Md. Jafar Uddin, the country has reportedly been lobbying with international communities with regard to the same.
Bangladesh, which has proved its eligibility in all three prerequisites set by the UN Committee for Development Policy (UN CDP) namely gross national income, human assets index and economic vulnerability index, will move to the league of developing nations in 2024.
The UN CDP would next year again assess Bangladesh’s graduation requirements, as per reports.
Keeping the prospects of graduation in perspective, Bangladesh last month sent a letter to the European Union (EU) – EU is Bangladesh’s single largest export trade bloc where 58 per cent of its overall exports and 64 per cent of its garment exports are destined for in a year – for continuation of the GSP (Generalised System of Preferences) facility for 10 years post LDC graduation.
