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‘Happy with Bangladesh’s graduation from LDC’
March 05, 2021
External Affairs Minister S Jaishankar with Bangladeshi Prime Minister Sheikh Hasina - PTI×
India says will continue its support
India is happy to note Bangladesh’s graduation from least develop country (LDC) status recommended by the United Nations Committee for Development Policy (CDP) and will continue to support it on its growth trajectory, the Ministry of External Affairs has said.
External Affairs Minister S Jaishankar, at a recent joint press conference with Foreign Minister of Bangladesh in Dhaka, expressed admiration and pride at the country’s graduation from LDC status, said Anurag Srivastava, Spokesperson, MEA, at the weekly media briefing on Friday. “We will continue to support and partner with Bangladesh on their growth trajectory,” he said. On whether India will continue to offer trade concessions to Bangladesh that have been given to the country under the South Asian Free Trade Agreem
The reason behind the creation of the concept of Least Developed Countries (LDC) by the UN in the 1960s was to identify a set of nations whose development struggles were not solely based on their own shortcomings, but due to other structural constraints. Therefore, it was decided that the global trading system had to be adjusted in a way that would grant LDC s preferential market access for them to catch-up in terms of development.
Bangladesh is now on the cusp of graduating from an LDC to a developing nation. What that essentially means, as explained by Debapriya Bhattacharya, a member of the United Nations Committee for Development Policy (UN-CDP) which determines the conditions that a country needs to meet to graduate from LDC status is that the country has acquired a seal of global approval regarding its development achievements .
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Cut cost of doing business to compete in post-LDC era
Says CPD at a dialogue Star Business Report Star Business Report
Bangladesh needs to reduce the cost of doing business locally to be more competitive globally in the post-LDC era as the country will face duties on exports because of the erosion of trade privileges, said a noted economist yesterday.
Mustafizur Rahman, a distinguished fellow of the Centre for Policy Dialogue (CPD), speaks at a dialogue on “Moving out from the LDC group: Strategies for graduation with momentum”, organised by the CPD yesterday. Photo: Collected Local businessmen will have to be facilitated by offsetting costs in the domestic markets so that they can remain competitive in the international markets even after graduation from the LDC, said Mustafizur Rahman, a distinguished fellow of the Centre for Policy Dialogue (CPD).