Underlining that Bangladesh’s graduation from the LDC (least developed country) status by 2024 will lead to the loss of trade preference in major export destinations and loss of other preferences, the President of International Chamber of Commerce, Bangladesh (ICC, B), Mahbubur Rahman said the country must focus on signing free trade agreements (FTAs) with major trading countries to address the challenges in the coming years.
As per media reports, Mahbubur reportedly made the observations at ICC Bangladesh’s 25th Annual Council held virtually on 14 December (Monday).
Meanwhile, it may be mentioned here that considering the fallouts of the LDC graduation, Bangladesh has reportedly already initiated formal negotiations with the Association of South-East Asian Nations (ASEAN) to sign FTA to ensure greater market access as the ASEAN region, by 2030, will be the fourth largest economy in the world.
Commerce Secretary Md. Jafar Uddin, reportedly, said that he has sent signed negotiation letter to the Foreign Ministry to initiate formal negotiations with the ASEAN headquarters.
Quoting a report of the International Labour Organisation (ILO), Mahbubur Rahman further underlined Bangladesh is now battling with both the pandemic and its economic fallout and in such scenario economic risks are not only limited to short term, but also extends to major future productivity losses, both through labour and capital.
