Bangladesh took another major step towards graduating into a developing nation after the UNGA or United Nations General Assembly recently adopted a resolution to graduate the country (Bangladesh) from the LDC category.
Media reports maintained even as Rabab Fatima, who is Bangladesh’s permanent representative to the UN, reportedly, tweeted, “…What better way to celebrate 50th anniversary of our independence and birth centenary of Bangabandhu…”
It may be mentioned here that along with Bangladesh, the UN General Assembly, which adopted the resolution at its 76th session, decided to clear Nepal and the Lao People’s Democratic Republic as well to graduate from the LDC category.
As per reports, the UN included Bangladesh in the LDC group in 1975 even as the country is now scheduled to officially become a developing country in 2026 as the UN committee recommended Bangladesh should get five years, instead of three, to prepare for the transition on account of fallouts of the Coronavirus pandemic.
So as Bangladesh graduates to a developing nation there are also apprehensions that the country’s exports including apparel shipments might face some challenges as the country will cease to get duty benefits that it currently enjoys as an LDC.
