Its high costs are hindering progress
The path ahead is becoming clearer, and more complicated.
Bangladesh’s overall exports to the European Union (EU) may fall by as much as 20 percent due to the combined impacts of the nation’s graduation from least developed country (LDC) status and the EU-Vietnam Free Trade Agreement (EVFTA), according to a study.
From FY25 beginning today, the maximum rate of export incentive has been set at 10% and the minimum at 0.3%
The forthcoming FY2024-25 national budget must show that we mean business.
It is especially important now as Bangladesh is set to graduate from its LDC status and become a developing country by 2026.
Bangladesh should make the most of the LDC-linked trade benefits during the extended three-year period agreed by the member countries of the World Trade Organisation (WTO), said experts yesterday.
It will require close collaboration between Bangladesh government and private sector
Bangladesh will keep enjoying duty-free market access for three more years after its graduation to a developing nation in 2026 as the extension was endorsed by 166 members of the World Trade Organisation (WTO) at its Ministerial Conference that concluded in Abu Dhabi on Friday night.
In an inspirational show of unity and joy, the people from all walks of life have had a unique opportunity to celebrate the country's historic achievement of getting eligibility for graduating to a developing country.
There are challenges to the graduation from Least Developed Country (LDC) status for Bangladesh, however there are possibilities as well, Finance Minister Abul Maal Abdul Muhith says.
The issues of good governance, continuation of the democratic process and political stability are the main challenges for Bangladesh to graduate from the least-developed country (LDC) bracket, Centre for Policy Dialogue (CPD) Chairman Rehman Sobhan says.
