Trade advisor Sheikh Bashiruddin said that Bangladesh is going to be promoted to developing country from the list of least developed countries (LDC) in November 2026. This will be an important milestone in our economic journey and this change will create huge opportunities, he said. But for this we need to increase the capacity of our business organization and human resources.
The trade advisor said these words in the opening session of the three-day program of the National Workshop on Dispute Settlement of the World Trade Organization at a hotel in Dhaka on Tuesday (December 3).
Commerce Secretary Mohang Salim Uddin, Director of Legal Affairs Department of World Trade Organization (WTO) Jorge Castro and Additional Secretary of WTO Department of Ministry of Commerce Nazneen Kawsar Chowdhury were present in the event. Middle class employees and business leaders of various ministries and departments including the Ministry of Commerce participated in the workshop.
Earlier, in a trade conference organized by the Dhaka Chamber last Saturday, a group of businessmen raised the question whether it is possible to postpone the exit from the LDC list in 2026 or not.
On that day, Foreign Investors Chamber of Commerce and Industry (FICCI) President Javed Akhtar said, whether there is a need to transition from LDC to developing countries in 2026, whether the potential challenges can be taken or not, it is necessary to think about it now. Other traders were also talking in the same language about this.
Sheikh Bashiruddin’s reply on the transition from LDC was that it must be done. 2026 or 2030, it can be discussed, but it has to be done. It is possible if proper policies are made.
Earlier on August 12, former president of Dhaka Chamber Shams Mahmud said in a speech, transition from LDC needs to be postponed by 10 years. In the current context, the country’s banking sector is not in a position to provide financing opportunities and investments required for the preparation of GSP Plus. That is why he opined that there is no need to transition from LDC.
Bangladesh’s image will be brighter if it leaves LDC. There will be no title of poor or LDC. Bangladesh will be considered as a fully developing country, in which social and economic capacity will be manifested. According to a report of the WTO, if it leaves the LDC, the tariffs on the products of Bangladesh will be fixed at regular rates. Exports may decrease by 5.37 billion US dollars (about 50 thousand crore rupees) annually due to increased tariffs.
At the opening ceremony of the workshop this morning, the Trade Adviser said that the dispute settlement system is an important factor in providing security and predictability in the multilateral trading system. Bangladesh is committed to ensure this system.
The trade adviser said, “As we move forward, there will be bilateral talks as well as multilateral talks to conclude the Economic Partnership Agreement (EPA), the Comprehensive Economic Partnership Agreement (CEPO). Relations with regional organizations such as the European Union (EU), South Asian Sub-Regional Economic Cooperation (SACES) and ASEAN should also be deepened.
