Information and Broadcasting Minister Zahir Uddin Swapan has called for making the most of the possible three-year extension to its graduation from the Least Developed Country (LDC) by strengthening export competitiveness, implementing policy reforms, and preparing for post-LDC challenges.
He also stressed that sustainable development would not be possible without economy-friendly politics.
“Politics must support the economy. Otherwise, discussions on these issues will remain merely theoretical," he said while addressing a workshop titled “LDC Graduation and Trade Competitiveness” as the chief guest at the National Press Club in the capital on Monday.
The workshop was organised by the Research and Policy Integration for Development (RAPID).
A keynote presentation was delivered by Dr M A Razzaque, Chairman of RAPID, focusing on the challenges and opportunities for Bangladesh's trade competitiveness in the context of its graduation from the Least Developed Country (LDC).
The minister said although Bangladesh has not yet formally graduated from the LDC category, effective preparations must begin immediately to address the challenges facing the country's export sector. Those challenges are expected to intensify after graduation, he added.
He noted that the government had applied to the relevant United Nations committee in February this year to defer the country's graduation until November 2029. The additional period, he said, should not be viewed as an opportunity for delay but rather as a window to complete the necessary preparations for a smooth transition.
“The government's policymakers and relevant officials are already working on the issue,” Mr Swapan said, adding that if the extension is approved, it would facilitate policy reforms, boost export growth, remove administrative bottlenecks, and help the country better adapt to the post-LDC environment.
The minister said Bangladesh must keep pace with the changing realities of the global trading system and undertake well-planned preparations to face the new challenges that would emerge after LDC graduation.
He expressed optimism that there would be no significant complications in securing approval for the extension, noting that the proposal would be placed before the UN General Assembly after being endorsed by the relevant UN committee. Bangladesh is currently holding the presidency of the UN General Assembly.
He also called for a review and speedy implementation of around 157 measures outlined in the United Nations' Smooth Transition Strategy in line with the country's realities.