Bangladesh now graduates into a developed country...

Dhaka, Thursday   20 January 2022

Bangladesh now graduates into a developed country

 Staff Correspondent

 Published: 12:24 PM, 25 November 2021   Updated: 08:41 PM, 25 November 2021

Metrorail was run experimentally on August 29 from Diabari in Uttara to Mirpur; Photo: Collected

Metrorail was run experimentally on August 29 from Diabari in Uttara to Mirpur; Photo: Collected

On the Golden Jubilee of Independence, Bangladesh finally entered the list of ‘developing countries’ from the list of ‘least developed countries’. A United Nations (UN) General Assembly meeting on Wednesday night adopted a recommendation to make Bangladesh a developing country. With this, a new journey of development has begun.

Finance Minister AHM Mustafa Kamal has termed this historic achievement as a “great milestone” in the development journey of Bangladesh, said the Ministry of Finance in a press release last night.

The statement further said that “Bangladesh is the only country” that has qualified to pass the LDC by fulfilling the three criteria set by the United Nations. This achievement of Bangladesh will brighten the image of this country in the global arena and accelerate the journey of further development.

Meanwhile, the United Nations said on its website that besides Bangladesh, similar recommendations have been made for Nepal and Laos. These three countries will have five years to prepare for the transition from a least developed country. Three years is usually being given for preparation, however, the additional time was given as the economy suffered due to COVID situations.

Referring to this historic moment, Rabab Fatima, Bangladesh’s Permanent Representative to the United Nations, said in a tweet: “What better way to celebrate the 50th anniversary of our independence and the Birth Centenary of Bangabandhu.”

It is to be noted that Bangladesh, which has been the least developed country since 1975, has fulfilled all the conditions for transitioning into developing countries in 2018. As per the UN rules, if a country is able to meet the transition criteria in two consecutive triennial reviews, it receives the final recommendation to transit from the least developed country (LDCs). Bangladesh has come a long way in fulfilling the conditions in all three indices.

Glittering Dhaka-Faridpur-Bhanga Expressway; Photo: Collected

For the second time, Bangladesh received a recommendation to meet the criteria for crossing the LDCs at the triennial review meeting of the UN Committee for Development Policy (CDP) held on February 26.

At the same time, the CDP has recommended that Bangladesh be given a five-year preparation period from 2021 to 2026. The UN Economic and Social Council have already approved the CDP’s recommendation. After five years of preparation, Bangladesh’s transition is expected to take effect on November 23, 2026.

During this period of preparation, Bangladesh will continue to have all the facilities available as LDCs. Moreover, under the current rules, Bangladesh will be able to enjoy duty-free quota-free benefits in the European Union (EU) market for another three years after 2026, i.e. till 2029.