Bangladesh on 12 January (Tuesday) floated a proposal at a virtual expert group meeting with the United Nations Committee for Development Policy (CDP), seeking a time period of 5 years to get ready for graduation to developing nation.
As per media reports, Bangladesh has sought facilities reserved for the LDCs (least developed countries) for 5 years for preparations after graduating to the developing nation bracket.
It may be mentioned here that post the formal graduation, Bangladesh will lose the benefits for LDCs, such as soft loans and export facilities while under the current rules, it would enjoy the duty-free access to the European Union for 3 more years after 2026 (if Bangladesh’s proposal for the preparations is approved, it will formally enter the developing nation bracket in 2026).
The Principal Coordinator of Sustainable Development Goal or SDG Affairs at the Prime Minister’s Office, Zuena Aziz, headed the Bangladesh delegation in Tuesday’s meeting, which was part of preparations for CDP’s tri-annual review session, scheduled in February, when the UN committee is set to recommend the country (Bangladesh) for graduation from LDC for the second time.
During the meeting, it was, reportedly, projected that since the country (Bangladesh) had met all the criteria for LDC graduation for consecutive second time, it would be recommended for graduation in the upcoming triennial review, scheduled in February 2021.
The LDC graduation, experts maintain, would have adverse implications on its exports, as Bangladesh would cease to enjoy the trade privileges.
