Close on heels of United Nations Committee for Development Policy (UNCDP) recommending Bangladesh’s LDC graduation in its final evaluation, it, reportedly, maintained that the extended preparatory period of five years for graduating (from the grouping of the least-developed countries) will help the country (Bangladesh) to deal with the impacts of the COVID-19 pandemic.
This was underlined in media reports.
Speaking to the media, CDP member Debapriya Bhattacharya, reportedly, maintained the extended transition period will help Bangladesh to prepare a smooth transition strategy and plan for a post-graduation international trade landscape while also engaging with its trading and development partners.
It highlights the importance for Bangladesh to preserve its necessary policy space while negotiating possible bilateral and regional agreements, reportedly, stated Debapriya while adding that now since the timeline of the LDC exit trajectory had been finalised, the country (Bangladesh) needed to draw up a robust transition strategy covering the upcoming five years and beyond.
The strategy is needed to deal with the possible adverse fallouts of LDC graduation, but also lay out a pathway for graduation with a momentum, added Debapriya and went on to further underline that this should ensure a smooth and sustainable development prospect for Bangladesh.
It may be mentioned here that Bangladesh is scheduled to officially become a developing country in 2026 as the UNCDP recommended that Bangladesh should get five years, instead of three, to prepare for the transition on account of the impact of the coronavirus pandemic on its economy even as until 2026, Bangladesh will continue to enjoy the trade benefits as an LDC.
