Bangladesh confident about LDC graduation, says Yunus, ordering precautionary measures
Chief Adviser Muhammad Yunus on Tuesday directed officials concerned to take necessary precautionary measures to keep each sector of Bangladesh unaffected and ensure maximum benefits as the country remains confident to smoothly graduate from the LDC status.
"We have to move at full speed," said Chief Adviser's Press Secretary Shafiqul Alam quoting the CA as saying in a meeting with experts today.
The chief adviser also laid emphasis on constant monitoring by a dedicated team so that no turbulence is seen in this journey.
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Briefing reporters at the Foreign Service Academy, Special Assistant to the Chief Adviser Anisuzzaman Chowdhury said they have discussed all issues and listed the precautionary measures.
He also cited examples of how other relatively weaker countries successfully graduated and said they are confident that there will be no problems but there will be precautionary measures.
Chowdhury said they are working on having a separate strong trade negotiating body as there is no such trade agency.
Responding to a question, he said they are continuing their economic diplomacy and in economic diplomacy all things cannot be shared, noting that there are always challenges and opportunities.
Chowdhury said the graduation process should be seen positively instead of thinking of stepping back.
Bangladesh is scheduled to graduate from the Least Developed Country (LDC) category to a developing nation in November 2026.
After the graduation, Bangladesh will become ineligible for almost all trade benefits, such as zero duty access, and strictly abide by the Trade Related Aspects of Intellectual Property Rights (TRIPs).
Bangladesh will, however, continue to enjoy duty-free market access for three more years after its graduation to a developing nation in 2026.
The extension was endorsed by 166 members of the World Trade Organisation (WTO) at its Ministerial Conference held in Abu Dhabi a year ago.
Chief Adviser's Deputy Press Secretary Abul Kalam Azad Majumder was also present at the briefing.
