Bangladesh govt to seek deferral of LDC graduation: Commerce Minister

The new government in Bangladesh will seek to defer the country’s graduation from the least developed country (LDC) status by at least three years as per the ruling party’s policy position, according to Commerce Minister Khandakar Abdul Muktadir.

Bangladesh is scheduled to graduate from the LDC category to developing-nation status on November 24 this year, having already met all three UN criteria—income, human assets and economic and environmental vulnerability.

Bangladesh will seek to defer graduation from the least developed country status by at least three years as per the party’s policy position, Commerce Minister Khandakar Abdul Muktadir said.
The Economic Relations Division will lead the process, while the commerce ministry will formally initiate the procedure.
Domestic businesses had been lobbying the last interim government for such a deferral.

The Economic Relations Division (ERD) will lead the process, while the commerce ministry will formally initiate the procedure, he said.

The country’s businesses had been lobbying the last interim government for such a deferral.

Sixteen major business chambers and trade bodies had sent a letter to the interim government requesting LDC graduation be postponed for at least six years, citing high interest rates and the economic challenges faced by various sectors due to the fallouts of COVID-19 and the Russia-Ukraine war.

Fibre2Fashion News Desk (DS)