EU and G77 pledge support for Bangladesh's smooth LDC graduation
Bangladesh has formally requested an additional three years from the United Nations to transition from a Least Developed Country (LDC) to a developing nation. The European Union (EU) and the Group of 77 and China (G77), a bloc of developing countries, have reiterated their support for Bangladesh's smooth, sustainable, and stable graduation. This commitment was conveyed during separate meetings on Thursday, July 16th, at the UN Headquarters in New York. Commerce Minister Khondaker Abdul Muktadir met with EU delegation chief Ambassador Stavros Lambrinidis and G77 & China Chair and Permanent Representative of Uruguay to the UN, Ambassador Laura Dupuy Lasserre. The Commerce Ministry released a statement detailing these discussions.
During the meeting with Ambassador Lasserre, Bangladesh's Minister of Planning, MA Mannan, and Secretary of the Economic Relations Division, Sharifa Khan, were also present, alongside representatives from the Leather Goods and Footwear Manufacturers & Exporters Association of Bangladesh (LFMEA) and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Minister Muktadir outlined the rationale for the three-year extension, citing ongoing economic and political transformations, global economic uncertainties, energy sector challenges, and the need for successful implementation of structural reforms. He affirmed the government's commitment to establishing good governance, strengthening the financial sector, developing infrastructure, increasing domestic resource mobilization, and fostering an investment-friendly environment. These preparatory reforms, he stated, would consolidate efforts, address infrastructural limitations, enhance industrial competitiveness, and ensure an irreversible graduation.
Ambassador Lambrinidis commended the government's commitment to good governance and sustainable development and welcomed discussions on a Free Trade Agreement (FTA) between Bangladesh and the EU. He reaffirmed the EU's continued support for Bangladesh's LDC graduation and emphasized closer public-private partnerships in this process. Ambassador Lasserre found Bangladesh's arguments for an extended preparatory period strong and acceptable, reiterating the G77's support and proposing a special briefing for member states on Bangladesh's LDC graduation strategy, which the Bangladesh delegation welcomed.
Bangladesh's request for an extended preparatory period for its LDC graduation, supported by the EU and G77, highlights the complex interplay of domestic reforms and global economic conditions. The stated need for additional time to consolidate structural reforms, enhance competitiveness, and build an investment-friendly environment reflects a strategic approach to ensure the transition is sustainable rather than merely a procedural milestone. The EU's openness to discussing an FTA and the G77's offer of a briefing suggest a recognition of Bangladesh's progress and a willingness to foster continued economic engagement. The challenge ahead lies in effectively utilizing this extended period to implement tangible improvements in governance, financial stability, and infrastructure, thereby solidifying the gains and ensuring long-term economic resilience in a rapidly evolving global landscape.
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