LDC graduation by 2027: commerce minister

Bangladesh will finally graduate to a developing country by 2027 with improvements in per capita income, human asset index and economic vulnerability, Commerce Minister Tofail Ahmed said yesterday.

Last week, the Committee for Development Policy (CDP), a United Nations panel has already declared that Bangladesh has entered into the league of developing countries as it has already scored well in all the three required categories. However, the CDP will observe the country's progresses in the three areas from 2021 to 2024.

Once Bangladesh comes out from the least developed country's (LDC's) bloc, the UN will spare three more years as transition period for taking preparations and finally the country will graduate to a developing country in 2027.

The LDCs cannot enjoy the benefits on export to the developed countries as they are not providing the LDCs with all the export benefits as per their commitments to different ministerial conferences of the World Trade Organisation (WTO) earlier, the minister said. "For making the WTO as an effective trade negotiation platform, full implementation of the Doha development round is very important," Ahmed said at a WTO meeting in New Delhi yesterday.

The WTO organised the meeting to identify common ground for strengthening the multi-lateral trade body amid challenges being faced by it following the deadlock at the Buenos Aires ministerial in December, the commerce ministry said in a statement.

Delegates from as many as 52 countries, including the US and China, are participating in the informal meeting of the WTO called by India amidst increasing protectionism in global trade.

India has called this meet to explore options to reinvigorate WTO.

The minister lauded the role of the European Union as Bangladesh has been enjoying the duty-free export benefit to the EU region under its "Everything but Arms" scheme over the last four decades. The minister is hopeful that the per capita income will increase to the $2,000 threshold up from the current $1,600.

The fullest implementation of the WTO's ministerial commitments on duty-free benefits, preferential trade benefit, relaxation of the Rules of Origin, waiver on service trade, extension of the Trade-Related Aspects of Intellectual Property Rights or TRIPS and assistance in technological upgrades are very important for the LDCs, the minister said.

Ahmed said Bangladesh is capable to face the challenges those are supposed to be emerged once the country is graduated to a developing country from the LDC.