EU, G77 reaffirm support for Bangladesh‍‍`s smooth LDC graduation

The European Union (EU) and the Group of 77 and China (G77) have reaffirmed their support for ensuring a smooth, sustainable and stable graduation of Bangladesh from the list of least developed countries (LDCs).

The support was reiterated during separate meetings held at the United Nations headquarters between Commerce Minister Khandker Abdul Muktadir and EU delegation head Ambassador Stavros Lambrinidis, as well as G77 and China Chair and Uruguay’s Permanent Representative to the UN Ambassador Laura Dupuy Lasserre.

The Ministry of Commerce disclosed the information in a press release issued on Friday.

Planning State Minister Zonayed Saki, Economic Relations Division Secretary Md Shahriar Kader Siddiqui, Bangladesh’s Permanent Representative to the United Nations Ambassador Salahuddin Noman Chowdhury, Footwear, Leather Goods and Accessories Exporters Association of Bangladesh President Syed Nasim Manzur, and Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Mahmud Hasan Khan were present at the meetings.

During the meetings, the commerce minister highlighted the rationale behind Bangladesh’s request to extend the LDC graduation preparation period by three years. He said additional time was needed to successfully implement ongoing economic and political transitions, address global economic uncertainties, overcome challenges in the energy sector, and complete ongoing structural reforms.

He also highlighted the government’s strong commitment to ensuring good governance, strengthening the financial sector, improving infrastructure, increasing domestic resource mobilisation, and creating an investment-friendly environment.

The minister further said the proposed extension period would help consolidate reform initiatives, address infrastructure limitations, enhance industrial competitiveness, and make Bangladesh’s LDC graduation smooth, sustainable and irreversible.

Ambassador Stavros Lambrinidis praised the government’s commitment to good governance and sustainable development. He welcomed the start of discussions on a free trade agreement (FTA) between Bangladesh and the European Union and reaffirmed the EU’s continued support for Bangladesh’s smooth LDC graduation. He also stressed the need for closer cooperation between the public and private sectors in the process.

Meanwhile, Ambassador Laura Dupuy Lasserre described Bangladesh’s arguments for extending the preparation period as strong and acceptable, and praised the government’s practical reform programmes. She reaffirmed G77’s support for Bangladesh and proposed organising a special briefing for member states on Bangladesh’s LDC graduation strategy. The Bangladesh delegation welcomed the proposal.

After the meetings, Economic Relations Division Secretary Md Shahriar Kader Siddiqui said the discussion with the EU delegation was highly productive. He added that the EU had reiterated its commitment to providing continued support to ensure Bangladesh’s smooth, sustainable and stable graduation from the LDC category.