Bangladesh Commerce Minister Tipu Munshi has stressed on the need of signing preferential trade agreements (PTAs) or free trade agreements (FTAs) to cope with the post-graduation scenario even as Bangladesh is preparing to join the league of developing nations.

According to media reports, Commerce Minister Tipu Munshi made this observation while addressing a workshop on ‘Effective Partnership with the Private Sector for Sustainable Graduation’ — the Support to Sustainable Graduation Project of the Economic Relations Division (ERD) organised the event — recently, while underlining that the country (Bangladesh) should start preparing for the gradual withdrawal of international supports as it is set to graduate from the group of least developed countries (LDCs).

Further, to cope with Fourth Industrial Revolution and the LDC graduation, Tipu Munshi also, reportedly, called upon the private sector to enhance research and development capacity while Fatima Yasmin, the ERD Secretary, stated that the Government would prepare a smooth transition strategy (in consultation with the stakeholders, including the private sector) to not only cope with the graduation challenges but also grab the opportunities that might come up.

Taking part in the workshop, other speakers also highlighted how loss of LDC-specific supports is likely to create new dynamics in global trade and businesses even as Finance Minister AHM Mustafa Kamal on his part, reportedly, maintained, “Likewise, we would be able to adjust very well with the upcoming dynamics.”