Bangladesh needs to improve its labour standards to secure market access for its exports following its graduation from the least developed country status by 2026, policymakers and experts said at an event recently.
Improving labour standards in Bangladesh is crucial for securing market access after its graduation from least developed country status. This was emphasised at a technical dialogue organized by the ILO and the Ministry of Labour in Dhaka.
RAPID Chairman MA Razzaque emphasised the need to improve labour standards in a keynote presentation, stating that failure to do so may pose challenges in post-LDC graduation negotiations.
Secretary Sharifa Khan mentioned that “Bangladesh will lose access to GSP facilities after graduating from LDC status, but EU countries may offer GSP+ facilities after 2029.”
She emphasised the importance of demonstrating “our dedication to factors such as decent work, labour rights, and environmental protection, as the benefits of GSP+ will be intricately tied to these elements and will differ from the current GSP benefits. It is crucial to showcase our commitment to these aspects in order to secure and maximize the advantages offered by the GSP+ program.”
State Minister for Labour and Employment, Begum Monnujan Sufian, highlighted that as Bangladesh progresses towards LDC graduation in 2026, it is crucial to review labour market and employment policies to stimulate job creation and foster macroeconomic growth for a smooth transition into a middle-income country.
“Bangladesh possesses immense untapped potential. With over two million young individuals joining the workforce annually, we must enhance our efforts to harness this demographic dividend in the next 12-15 years,” she emphasized.
