Commerce Adviser Sk. Bashir Uddin has assured that the interim government is making every effort to facilitate Bangladesh’s smooth graduation from the Least Developed Countries (LDCs) by November 2026.
"Rest assured, we are doing everything possible with patriotism to ensure a successful transition," he stated during an interview with the national news agency at his Secretariat office.
Responding to concerns raised by the private sector, Bashir Uddin questioned why businesses had remained silent on the issue for years.
"They had time to prepare, yet they are now voicing concerns. If we defer the graduation, necessary reforms will once again be delayed," he remarked.
Initially scheduled for 2024, Bangladesh’s LDC graduation was postponed due to global disruptions, including the COVID-19 pandemic.
The Commerce Adviser acknowledged the challenges but insisted that delaying the graduation further was not within the government’s discretion.
"They (private sector) must accept the reality," he added, noting that Bangladesh has met all three United Nations criteria for LDC graduation.
Bashir Uddin admitted that while not all economic reforms can be completed immediately, efforts are underway to implement key changes dynamically.
He also highlighted the need to manage economic uncertainties left by the previous administration, ensuring a welfare-oriented transition for the country.
Many business leaders and economists have suggested postponing LDC graduation due to the economic strain caused by the pandemic, Russia-Ukraine war, and inflation.
However, Chief Adviser’s Press Secretary Shafiqul Alam confirmed that after consulting experts, the government decided to proceed as scheduled.
Bangladesh’s LDC status, granted in 1975, has provided trade benefits such as duty-free and quota-free access to global markets.
Post-graduation, the country is expected to lose over $8 billion annually due to the withdrawal of preferential trade benefits, with an estimated 12% duty imposed on exports.
Currently, 78% of Bangladesh’s exports enjoy LDC trade privileges in 38 countries.
To ease the transition, the European Union (EU) has committed to extending LDC trade benefits for Bangladesh until 2029. The UK, Canada, and Australia have made similar assurances, though with certain conditions.
