New York:The United Nations General Assembly (UNGA) has granted Bangladesh a three-year deferment in its graduation from least developed country (LDC) status, following a request for additional time to implement major reforms. This decision, which also applies to Nepal, was made during the 81st session of the UNGA in New York.
According to Bangladesh Sangbad Sangstha, the Bangladesh government had sent a letter to the UN Committee for Development Policy (UNCDP) shortly after taking office in February, seeking this postponement. The UN acknowledged the severe challenges faced by Bangladesh, including risks from recent conflicts and disruptions in global energy and supply chains. Consequently, Bangladesh has been given until November 24, 2029, to prepare for its LDC graduation.
The resolution passed by the UN noted the complexity of Bangladesh's recent political transition and its impact on the country's capacity to handle external shocks. It emphasized the need for Bangladesh to advance domestic reforms and develop a national smooth transition strategy, with support from the UN and international partners. Bangladesh is required to provide regular updates on its progress in annual reports to the UNCDP.
Commerce Minister Khandakar Abdul Muktadir has stated that the deferment was backed by the G-77 countries and the European Union. This extension provides Bangladesh relief from potential tariffs, allowing it to continue enjoying duty-free market access to major export destinations until 2029.
Bangladesh, which was scheduled to graduate from LDC status this year, met all the necessary criteria twice since 2018. Despite meeting these criteria, the country faces the challenge of managing the transition while sustaining its development gains amid political uncertainty and economic challenges.