Chief Adviser Prof Muhammad Yunus on Tuesday directed the officials concerned to take necessary precautionary measures to keep Bangladesh's every sector unaffected and ensure maximum benefits as the country remains confident to smoothly graduate from the LDC status.
"We have already taken the decision….we have to move at full speed," Chief Adviser's Press Secretary Shafiqul Alam quoted Dr Yunus as saying in a meeting with the experts that lasted for nearly two hours.
The Chief Adviser at the high-powered experts committee’s meeting on LDC graduation also laid emphasis on constant monitoring by a dedicated team so that no turbulence is seen in this journey.
Briefing reporters at the Foreign Service Academy after the meeting, Special Assistant to the Chief Adviser Dr Anisuzzaman Chowdhury said they have discussed all the issues and listed the precautionary measures.
"We must have the conference," he said, citing examples of how other relatively weaker countries successfully graduated.
He said they are confident that there will be no problems but there will be precautionary measures.
Chowdhury said they are working on having a separate strong trade negotiating body as there is no such trade agency.
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Responding to a question, he said they are continuing their economic diplomacy and in economic diplomacy all things cannot be shared, noting that there are always challenges and opportunities.
Chowdhury said the graduation process should be seen positively instead of thinking of stepping back.
Chief of the high-powered experts committee Chowdhury made a presentation at the meeting followed by two hours of very intensive discussion, said the Press Secretary.
Prof Yunus mentioned that Bangladesh would be a manufacturing and economic hub in the region, and discussed how it could be made this hub in a better way after the graduation from LDC status.
Finance Adviser Dr Salehuddin Ahmed, Planning Adviser Dr Wahiduddin Mahmud, Foreign Affairs Md Touhid Hossain, Commerce Secretary Sk Bashir Uddin, Education Adviser CR Abrar, Environment, Forests and Climate Change Adviser Syeda Rizwana Hasan, Industries Adviser Adilur Rahman Khan, Special Envoy on International Affairs to the Chief Adviser Lutfey Siddiqi, Executive Chairman of the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Economic Zones Authority (BEZA) Chowdhury Ashik Mahmud Bin Harun and Bangladesh Bank Governor Ahsan H Mansur were, among others, present at the meeting, he said.
Chief Adviser’s Deputy Press Secretary Abul Kalam Azad Majumder was also present at the media briefing.
Bangladesh is scheduled to graduate from the Least Developed Country (LDC) category to a developing nation in November 2026.
After the graduation, Bangladesh will become ineligible for almost all trade benefits, such as zero duty access, and strictly abide by the Trade Related Aspects of Intellectual Property Rights (TRIPs).
Bangladesh will, however, continue to enjoy duty-free market access for three more years after its graduation to a developing nation in 2026.
The extension was endorsed by 166 members of the World Trade Organisation (WTO) at its Ministerial Conference held in Abu Dhabi a year ago.