As Bangladesh inches closer to the much-awaited LDC graduation, which is expected to come with its own set of challenges, the country has formed around seven sub-committees to prepare draft strategies with a time-bound action plan to meet the transition challenges.
Reports claimed this adding the Government has formed a committee under the Chairmanship of the Principal Secretary of the Prime Minister’s office to prepare for the possible challenges that Bangladesh will face as a result of its graduation from a least developed country to a developing country even if according to an official document, the country (Bangladesh) will be facing some challenges, such as loss of unilateral, preferential market access, duty free – quota free access, reduced scope for concessional or low interest funding from international and bilateral development partners, preference erosion and strict compliance with stringent standards.
The documents, reportedly, further underlined there will be seven sub-committees under this committee and each sub-committee has members from private sector stakeholders and development researchers, which are preparing draft strategies with a time-bound action plan to meet the transition challenges.
