Home
+
Published : 15 Apr 2025, 09:14 PM
The interim government is forming a high-level committee to oversee Bangladesh's smooth graduation from the least developed country (LDC) category, said Anisuzzaman Chowdhury, special assistant to the chief advisor on finance.
“The LDC aircraft is already in the air. We are reasonably satisfied it will keep flying, with little chance of crashing,” he said during a press conference at the Foreign Service Academy in Bailey Road on Tuesday.
The proposed committee will serve as an independent structure, similar to the Japan External Trade Organization (JETRO) and the United States Trade Representative (USTR), focusing exclusively on trade-related aspects of the LDC transition.
“The committee will have no other duties. Apart from government officials, we will bring in internationally reputed experts. We will also include representatives from the private sector, and if necessary, those at risk of being affected by the graduation,” he said.
The initiative aims to prepare for potential challenges such as pressures on employment and the private sector.
“We have discussed areas where early warnings are needed. We have identified potential risks and listed them. The high-level committee will monitor the process constantly,” Anisuzzaman said.
Bangladesh has been on the UN list of LDCs since 1975 and met the eligibility criteria for graduation in 2018, based on three indicators: per capita income, human asset development, and economic vulnerability.
The UN General Assembly, during its 76th session on Nov 25, 2021, recommended Bangladesh's graduation, setting Nov 24, 2026, as the official exit date.
However, the country will lose duty- and quota-free access to the European market and other LDC trade benefits after 2026.
Bangladesh has faced a series of challenges in recent years, including the COVID-19 pandemic, the war in Ukraine, political unrest, and an Uprising that toppled the previous government.
These challenges sparked doubts over Bangladesh’s ability to meet the 2026 deadline or whether it might request an extension.
However, a meeting of the advisory council led by Chief Advisor Muhammad Yunus on Mar 14 reaffirmed the decision to proceed without delay.
A follow-up meeting on Tuesday led to the press briefing by Anisuzzaman.
“Today’s meeting helped us pinpoint our strengths and identify areas needing further attention. We’ve conducted a comprehensive review,” he said.
Anisuzzaman dismissed the possibility of deferring the graduation.
“Many weaker countries have already graduated. Bhutan did so even after the pandemic. Why can’t we? There is no turning back for us,” he said.
Chief Advisor's Press Secretary Shafiqul Alam said, “In today’s meeting, the chief advisor reiterated that the decision has already been made. Now we must move full speed ahead. He instructed all necessary preparations to ensure no sector suffers but instead benefits fully from the graduation.”
On elections, Yunus said if minimal reforms are agreed upon, polls can be held by December.
If broader reforms are needed, the election may take place by June 2026.
Asked how the level of reforms would be determined, Shafiqul said: “That depends entirely on the outcome of discussions between the National Consensus Commission and the political parties.”
“A final decision on whether we pursue limited or extensive reforms will come out of that dialogue,” he said.
“If we decide on 200 reforms, perhaps we do 10 now and the rest after elections. It all hinges on that political consensus,” he added.
