Bangladesh highlights strong position for transitioning from LDCs...

Dhaka, Thursday   28 January 2021

Bangladesh highlights strong position for transitioning from LDCs

 Staff Correspondent daily-bangladesh.com

 Published: 01:13 PM, 13 January 2021   Updated: 03:06 PM, 13 January 2021

File Photo

File Photo

Bangladesh, for the 2nd time, is set to get the recommendations to meet the criteria of passing or graduating from Least Developed Countries (LDCs) at the triennial review meeting of the UN Committee for Development Policy (CDP) next month. In order to make the transition process smooth and sustainable, Bangladesh has called upon the international community to continue providing more international facilities in the post-transition period.

The Bangladesh delegation formally made the call to the UN CDP on Tuesday at a meeting of the expert group held as part of preparations for the triennial review meeting on Tuesday.

The online meeting was led by Zuena Aziz, Chief Coordinator of the Prime Minister’s Office. In a presentation at the meeting, Economic Relations Division (ERD) Secretary Fatima Yasmin outlined Bangladesh’s latest position in favor of Bangladesh’s recent socio-economic development and transition from the least developed country.

It is hoped that Bangladesh will meet all the criteria for the transition from a least developed country for the second time at the CDP’s triennial review meeting to be held in February. At the same time, in order to make the transition process sustainable and smooth, the Bangladesh delegation called on the CDP to provide a five-year preparation period from 2021 to 2026.

It is worth to be mentioned that Bangladesh was able to meet the criteria for the transition from LDCs for the first time in the last CDP review meeting held in March 2018. According to UN rules, if a country is able to meet the criteria the transition criteria in two consecutive triennial reviews, they receive recommendations for the transition from least developed countries.

According to CDP regulations, a country can enjoy a preparation period of three to five years after receiving a pass recommendation. Bangladesh’s transition will take effect in 2026 after a five-year preparation period after receiving a recommendation to pass at the triennial review meeting next month.

At this time, Bangladesh will be able to enjoy all the benefits of being a least developed country. Moreover, under the current system, Bangladesh will be able to enjoy duty-free quota-free benefits in the EU market for another three years after 2026, i.e. until 2029.          

Speaking on the occasion, the ERD Secretary said that Bangladesh is going to be recommended for transitioning from a least developed country at a time when the country is celebrating the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and 50 years of Independence.

In her presentation, she highlighted the achievements that Bangladesh has made in recent years in various macroeconomic and socioeconomic indicators. 

The ERD Secretary called on the international community to increase the amount of development funding for post-transition international cooperation, the necessary cooperation to adapt to climate change and to achieve sustainable development goals.    

Planning Commission members Dr. Shamsul Alam, Senior Secretary of the Finance Division Abdur Rauf Talukder, Senior Secretary of the Ministry of Foreign Affairs Masud bin Momen, Secretary of the Ministry of Commerce Dr. Md. Zafar Uddin, Secretary to the Prime Minister’s Office Tofazzal Hossain Mia, Permanent Representative of Bangladesh to the United Nations Rabab Fatima, Permanent Representative of Bangladesh to the UN Mission in Geneva Mostafizur Rahman, Joint Secretary of ERD and Project Director of Support to Sustainable Graduation Project Farid Aziz were present at the meeting as part of the Bangladesh delegation.

DailyBangladesh/AS