LDC graduation challenges a ‘time bomb’ from fascist regime: Commerce adviser

Commerce Adviser SK Bashir Uddin has described Bangladesh's graduation from Least Developed Country (LDC) status as a "time bomb" left behind by the previous "fascist" government.

"The LDC graduation timeline is more challenging than Trump's tariff. But I'm surprised that nobody is talking about it—almost everyone is silent," he said at an event organised by the Bangladesh Textile Mills Association (BTMA) at the Gulshan Club in Dhaka yesterday evening. 

The programme was held to express gratitude to the team that negotiated with the US government over reciprocal tariffs.

Bashir Uddin warned that while Bangladesh is eyeing $8 billion in exports to the US, the greater challenge lies in the remaining $42 billion of exports, particularly to the European market, where trade preferences will be lost after graduation.

"Then how will we survive?" he asked.

Urging collective action, he said, "Please work together, otherwise Bangladesh will face a real challenge. The Trump tariff issue will be resolved within the interim government's timeframe, but LDC graduation will be the biggest challenge for the next government."

On ongoing tariff talks with the US, Bashir Uddin said, "If needed, our team will visit the US again," adding that Bangladesh aims to reduce its trade gap with the US by 75% by next year.

National Security Adviser Khalilur Rahman said Bangladesh had negotiated an agreement with the US government that allows the next elected administration to amend or cancel it if necessary.

"We negotiated with Trump's government on an agreement that is revocable," he said. 

"We have negotiated on three principles. First, since the current interim government is unelected, it cannot bind the next government. The next government must have the power to make changes, modifications, or cancel it."

"Second, they will only take on responsibilities they can fulfil. If they fail to meet any commitments, the US will cancel the agreement and impose a 37% tariff. 

"Third, this is a bilateral agreement—we cannot extend it to any third country. We do not want to get caught in any geopolitical trap," he added.

Khalilur also hinted that US tariffs for Bangladesh might be reduced further.

BTMA President Showkat Aziz Russell, BGMEA President Mahmud Hasan Khan Babu, and BKMEA President Mohammad Hatem also addressed the event.