Commerce Minister stresses united steps to meet LDC graduation challenges

Commerce Minister Tipu Munshi has underscored the need for working closely of both public and private sectors to meet the challenges of Bangladesh's graduation from the least developed country (LDC) status.

"Bangladesh will graduate to a middle-income country in 2026. It is good news for all of us but also a challenging one. We need to work hard and be prepared for the challenges, he said.

The minister said this while addressing a daylong workshop titled "National Workshop on the Proposed Time Bound Action Plan of the LDC Graduation Related Sub-Committee: Preferential Market Access and Trade Agreement and WTO issues".

The workshop was organised by the Ministry of Commerce at Parjatan Bhaban in Sher-e-Bangla Nagar area here on Sunday, said a press release.

After graduation, Tipu said, the country will lose many existing trade opportunities, and it will have to compete with the developed world.

Although the European Union offers us Generalized System of Preferences (GSP) plus trade facilities, many conditions have to be met first, he added.

He said agreements such as preferential trade agreement (PTA) or Free Trade Agreement (FTA) are required to avail trade benefits.

"So, even if we lose some tariffs temporarily, we will be benefited in the long run," he added.

Prime Minister's Principal Secretary Dr Ahmad Kaikaus spoke at the event as the special guest.

Senior Secretary to the Commerce Ministry Tapan Kanti Ghosh, Member (secretary) of the Planning Commission's Agriculture, Water Resources and Rural Institutions Division Sharifa Khan, and the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) President Md Jasim Uddin, among others, also spoke.