Bangladesh achieves developing country from LDC

Publish: 9:16 PM, December 4, 2021 | Update: 9:16:PM, December 4, 2021

Syed Faruk Hossain
It is a matter of great pride for us and for the Bengali nation, Bangladesh has taken another step towards joining as a developing country with the approval of UN recommendation for transition from Least Developed Countries (LDCs). Because this improvement proves the economic development of Bangladesh. Even then, at this time of celebrating the golden jubilee of independence and the birth centenary of Bangabandhu, it is undoubtedly a great achievement for us. In the case of Bangladesh, Nepal and Laos, the recommendation was approved but only Bangladesh met the three criteria set by the UN. Although the UN General Assembly has given three years to prepare for inclusion in the list of developing countries, it will be given five years to recover from the Corona’s economic woes. Moreover, under the current rules, Bangladesh will be able to enjoy three more years of duty and quota-free benefits in the EU market after 2026. According to WTO rules, LDCs enjoy some trade-offs with developed countries, such as duty-free and quota-free market facilities, GSP facilities, and so on. After Bangladesh is included in the list of developing countries, these benefits will no longer be available. However, after being promoted in the list of developing countries, Bangladesh will have to face some difficult realities. Then Bangladesh will have to pay more export duty than the LDC countries. In that case, the amount of exports may be reduced.

Keeping this fear in mind, Bangladesh has to prepare now to deal with the situation that has arisen. It is important to keep in mind that if we do not survive in the world trade competition, our promotion to the list of developing countries can be a thorn in our side. Eligibility for transition to a developing country is determined by three criteria: per capita income, human resources and climate and economic fragility. Bangladesh has been able to meet these three conditions. Good news for the people of Bangladesh there will be a huge opportunity for us to stand in the prestigious seats of the world. So we have to make good use of this opportunity.

So that we can take our country to the pinnacle of development of our nation. So we have to work together. There must be continuity of work and increase the value, respect and dignity of the country. We have to capture the spirit of the war of liberation and we have to move forward with the outline of the golden Bangladesh envisioned and outlined by Father of the Nation Bangabandhu Sheikh Mujibur Rahman. Under the able leadership and direction of our present Prime Minister and daughter of Bangabandhu Sheikh Mujibur Rahman who has brought development for this country with all his might. Bangladesh and the Bengali nation must move forward on the path of further development. Hon’ble Prime Minister has been working tirelessly for the implementation of the development path that the Father of the Nation has shown and for the development of the country. Today, through the indomitable courage and hard work of our Hon’ble Prime Minister Sheikh Hasina, the Bengali nation is gradually moving towards development.

This development should not be stopped. The tide of development has just started and this tide of development will continue till the Bengali nation reaches its peak of development. Our Hon’ble Prime Minister Sheikh Hasina has made the biggest contribution in all these developments. During this period of preparation, all the facilities available to Bangladesh as a least developed country will continue. Apart from this, under the current rules, Bangladesh will be able to enjoy duty free, quota free benefits in the European Union (EU) market for three more years after 2026, i.e. till 2029. The government is working with the private sector and development partners, led by the Prime Minister’s Office, to formulate the necessary policies and measures to ensure smooth and sustainable transition, including the continuation of post-transition opportunities from LDCs. Bangladesh completed the process of moving from the LDC category to the next stage by getting the recommendation of the United Nations to move Bangladesh from the list of least developed countries to the developing countries.

Bangladesh is now implementing big projects like Padma Bridge with its own funds. We have alleviated poverty at a significant rate. Although there are questions about quality, there has been considerable improvement in education. Infant and maternal mortality rates have decreased. Bangladesh is the most successful country in South Asia in women’s empowerment. But the UN is not making Bangladesh a developing country. On the contrary, this achievement of Bangladesh, the UN is only keeping some accounts. In the early seventies, some countries could not move forward due to various problems. To that end, the United Nations has come up with the concept of Least Developed Countries (LDCs). In fact, all countries are developing, everyone is trying to move forward. It has been recommended to transition Bangladesh from a least developed country to a developing country. The benefits are many. Besides, Bangladesh also has some challenges. Therefore, there is a need to adopt a specific plan on this issue. The transition from Bangladesh to LDC will lead to new polarization in international trade. After leaving LDC, tariffs will be levied on Bangladeshi products at regular rates in these markets. However, if we leave LDC, the biggest problem will be in the export sector. The image of the country in the world will be brightened by the transition from the least developed country.

Through this, Bangladesh got international recognition for the progress of human development. As a result, there is a possibility of increasing investment in other sectors of the country, including the capital market. The transition from a least developed country is an international recognition. As a result, the country’s prestige will increase. Bangladesh will face many challenges due to its transition from a least developed country. One of the challenges is to increase the competition in the world market. Especially in the export sector this challenge is more. We also need to focus on ensuring the framework. We need to address the challenges of post-land international assistance, unimpeded transit and financing for the implementation of the SDGs, and create a clear roadmap to reach the goal.

Besides Bangladesh, Laos and Nepal are also going to be recognized as developing countries. According to a UN statement, these three countries will have five years to prepare for the transition. Due to this extra time to cope with the economic losses. According to UN rules, if a country is able to meet the passage criteria in two consecutive triennial reviews, it receives the final recommendation to cross over from the least developed country. The final recommendation of the UN-CDP Triennial Review Meeting is that Bangladesh, as a least developed country, will continue to enjoy the benefits of international trade and credit, even during the preparatory period. Facing all the challenges even during the worst of the Kovid-19 epidemic, Prime Minister Sheikh Hasina has led the way in this indomitable progress of Bangladesh from the front, as a result of which today Vision-2021, was perfect.

Deputy Registrar, Jagannath University