He also said the government is hopeful of securing a decision on the proposed
extension by the end of this month, well ahead of the 24 November deadline
The decision on Bangladesh’s request to defer its graduation from the least developed country (LDC) category by three years is expected by the end of October, Commerce, Industries and Textiles and Jute Minister Khandaker Abdul Muktadir said on Monday.
“We are expecting the LDC graduation deferment decision within the next week, but if it is delayed for any reason, the final decision will come within this month,” he said at a seminar on Bangladesh’s LDC graduation trajectory and challenges at the Economic Reporters’ Forum (ERF) office in the city.
The minister said the government had also prepared a time-bound action plan to use the proposed extension to strengthen the country’s readiness for graduation and shared it with the European Union.
The minister stressed that improved international market access alone would not be enough to attract investment. Reliable energy supplies, simpler business procedures and transparent legal mechanisms for resolving disputes were also essential.
He said Bangladesh needed to ensure both adequate purchasing power among domestic consumers and access to overseas markets for exporters.
He claimed the European Union (EU) and other parties have “agreed” to Bangladesh getting more time, and that a decision will come before the Nov 24 deadline.
Bangladesh, along with Nepal and Lao PDR, is scheduled to graduate from the LDC category on November 24.
However, Bangladesh and Nepal have sought an extension of the preparatory period before graduating to the developing-country category of the United Nations.
After coming to power in February this year, the BNP government sent a letter to the chair of the UN Committee for Development Policy (UNCDP), requesting that the preparatory period be extended until November 24, 2029, saying more time was needed to prepare for competition in international markets after graduation.
Last month, the UN established a working group to review and update its support framework for countries graduating from the LDC category.
The Working Group on Smooth Transition for Graduating LDCs will be led by the permanent representatives of Angola and Finland, according to a recent ministerial declaration of the 81st UN General Assembly (UNGA).