United News of Bangladesh

Chief Adviser’s Press Secretary Shafiqul Alam on Tuesday said Bangladesh wants to enhance and further improve the relations with all the South Asian countries, including with India and Pakistan, while its foreign policy remains pro-Bangladesh. “Our foreign policy is a pro-Bangladesh one,” he told reporters while responding to a question regarding the visit of Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar later this month. Special Assistant to the Chief Adviser Dr Anisuzzaman Chowdhury and Chief Adviser’s Deputy Press Secretary Abul Kalam Azad Majumder were also present at the briefing on LDC graduation at the Foreign Service Academy. Referring to Chief Adviser Prof Muhammad Yunus’ repeated calls for the revival of the South Asian Association for Regional Cooperation (Saarc) as a top platform for regional cooperation in South Asia during his conversations at home and abroad, Alam said Bangladesh wants improved relations with the Saarc countries.   “He (Dr Yunus) is seeking improved relations with all in the South Asian family. Pakistan is also part of the South Asian family. We want improved relations with India, Bhutan and Nepal, too,” said the Press Secretary.  He said the interim government has taken a decision to set up an economic zone for Nepal and is looking for land in the North Bengal area which is part of efforts to have improved relations with the South Asia family. Graduation: Bangladesh remains confident; Dr Yunus orders precautionary measures Alam said the Deputy Prime Minister of Pakistan is coming and there will be discussions on all issues of mutual interest. Before Ishaq Dar’s visit, its Foreign Secretary Amna Baloch will visit Dhaka on Wednesday to hold talks with her Bangladesh counterpart Md Jashim Uddin. Ishaq Dar’s upcoming trip to Dhaka will mark the first visit by a Pakistani Foreign Minister since 2012. On Sunday, National Security Adviser and Chief Adviser’s High Representative on the Rohingya issue and priority matters Dr Khalilur Rahman said Bangladesh’s foreign policy is now entirely its own, no longer reliant on any other country to shape it. "We are no longer reliant on any country to shape it. This marks a clear reflection of our strategic autonomy," he said while speaking at a seminar. Earlier, Foreign Affairs Adviser Md Touhid Hossain confirmed that Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar will pay an official visit this month. Asked about the issues to be discussed during the visit, Hossain said they will discuss all aspects of the relations.

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.  With pro-Bangladesh foreign policy, Dhaka wants improved ties with S Asia family 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.

Irish Ambassador to Bangladesh and India Kevin Kelly has reaffirmed Ireland’s commitment to supporting Bangladesh’s LDC graduation process and strengthening bilateral cooperation under Ireland’s Asia-Pacific Strategy. Ambassador Kelly emphasised the deepening relationship between the two nations and praised Ireland’s Honorary Consul in Bangladesh Masud Jamil Khan's energy and ambition. “Though we are slightly late in celebrating St Patrick’s Day due to Ramadan, this makes us the last people on Earth to mark the occasion in 2025—and that’s historic,” he said. The Ambassador noted the parallels between Ireland and Bangladesh in their respective struggles for peace and justice, sharing insights from Ireland’s peace journey through the Good Friday Agreement. “I hope our story can offer a glimpse of hope to our friends in Bangladesh as they work through their own transitions.” Top CICA official lauds Dhaka's role in confidence building in Asia The Irish spirit was in full swing on Thursday evening as Renaissance Dhaka Gulshan Hotel hosted a vibrant celebration of St Patrick’s Day 2025, organised by Honorary Consul Masud Jamil Khan and his wife Kate Khan. Members of the diplomatic corps, business community, cultural figures and luminaries representing different sectors attended the reception. Reflecting on the maiden year of the Irish Consulate's opening in Dhaka, Honorary Consul Masud Jamil Khan said bilateral engagements between Ireland and Bangladesh have grown significantly in a short span of time.

Foreign Affairs Adviser Md Touhid Hossain said on Monday that the government will not apply for a delay in Bangladesh's graduation from the Least Developed Countries (LDC) status, citing the fulfillment of many of the required targets. “The transition deadline should not be delayed,” he said at a programme titled 'Importance and Potential of Bangladesh Cotton Cultivation to Save Foreign Exchange', held at the Economic Reporters Forum (ERF) auditorium in the capital. The adviser hoped that businessmen would start preparations once an additional three years were given after graduation. But, Hossain said, both the previous government and businessmen had failed to make adequate preparations for the transition. Stay ready to face LDC graduation challenges: Dr Yunus Hossain mentioned that the government plans to take effective measures within two months to declare cotton an agricultural product and boost its production in the country. He urged the National Board of Revenue (NBR) to urgently withdraw the tax imposed on domestic cotton. About the land fertility issue, he noted that tobacco cultivation is depleting soil health, and suggested that cultivating cotton on tobacco lands could benefit farmers while contributing to the country's economy. The adviser said that the government, led by Dr. Yunus, would not hesitate to make decisions in the national interest, even if they go against certain groups. He assured that policy support would be provided to promote cotton cultivation. Expedite trade facilitation roadmap implementation for LDC graduation: Sk Bashir Touhid Hossain also highlighted that while the United States imposes tariffs on cotton exports, Bangladesh remains exempt. He suggested that measures could be taken to import cotton from the US.

Commerce Adviser Sk Bashir Uddin has emphasised the urgent need to implement the Trade Facilitation Roadmap to address the challenges associated with Bangladesh's graduation from the Least Developed Country (LDC) status. Speaking at the 8th meeting of the National Trade Facilitation Committee (NTFC) at the BIAM Foundation Multipurpose Hall in Dhaka on Tuesday, the adviser highlighted the critical role of capacity-building and underscored the necessity of enhancing efficiency and fostering a competitive mindset to navigate the post-LDC transition successfully. The Ministry of Commerce organised the meeting with Sk Bashir Uddin presiding. Lutfey Siddiqi, the Chief Adviser’s Special Envoy for International Affairs, attended the meeting as a distinguished guest. “We are set to graduate from LDC status in November 2026. This transition will introduce new regulations affecting our exports. To mitigate the economic impact, enhancing our capacity is crucial. Competitiveness through skill development is our only viable option,” the Commerce Adviser told the meeting. He said Bangladesh has a timeframe until 2030 to make necessary adjustments. “I believe this is a considerable period. If we graduate in 2026, our working groups must collaborate effectively to establish clear objectives.” Read: Adviser Bashir calls for innovation in textile sector to face post-LDC challenges Lutfey Siddiqi echoed the same sentiments, stressing the need for a structured timeline for implementation. “We must strengthen our capabilities while simultaneously streamlining trade operations. Coordination and cooperation are key to achieving our goals,” he said. Senior officials, including the Senior Secretary of the Ministry of Shipping, the Secretary of the Bridge Division, the Secretary of the Legislative and Parliamentary Affairs Division, the Secretary of the Posts and Telecommunications Division, and the Acting Secretary of the Ministry of Commerce, participated in the meeting. The Chairman of the Bangladesh Trade and Tariff Commission, the Administrator of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the Chairman of the Land Port Authority, the Chairman of the Chattogram Port Authority, and the Vice Chairman of the Export Promotion Bureau (EPB) were also present. The Trade Facilitation Agreement (TFA) aims to liberalise trade by reviewing international trade regulations and procedures, thereby accelerating the movement of imports and exports. Under the TFA framework, initiatives have been categorised into three groups: A, B and C. Bangladesh submitted a notification regarding the implementation of 21 Category A initiatives to the World Trade Organisation (WTO) on 20 February 2018. Read more: Need to enhance human resources capacity for LDC graduation: Commerce Adviser The implementation of 18 Category B initiatives has already been completed, with notifications sent to the WTO at different intervals. For Category C, the deadline for implementation is 30 June 2030. Of the 15 initiatives under this category, five have already been implemented and notified to the WTO, while the remaining 10 are in progress.

World Trade Organisation (WTO) Director General Dr Ngozi Okonjo-Iweala on Friday said the global trade body would help Bangladesh graduate smoothly from Least Developed Country (LDC) and persuade top businesses to shift their supply chains to the South Asian nation. The WTO Director General made the comments when she met Chief Adviser Prof Muhammad Yunus on the sidelines of the World Economic Forum annual meeting in the Swiss mountain city of Davos. Referring to Bangladesh's impending graduation from the LDC category, Dr Ngozi said that the WTO would make sure that the process is smooth. "We have established principles. We will be working with you," Chief Adviser's Deputy Press Secretary quoted her as saying. Al Gore meets Dr Yunus, backs Bangladesh reforms The WTO DG also said she was talking with top global businesses and trying to persuade them to relocate their supply chains to Bangladesh as part of global logistic decentralisation. "I told them, why not Bangladesh? We are doing more pushes to have more supply chains in Bangladesh," she added. Chief Adviser Prof Yunus praised the leadership of Dr Ngozi, saying she has brought dynamism to the global trade talks. Dr Yunus also said Bangladesh is now open for business, after the misrule and oligarchs-linked business deals ruined the country's economy. He said Bangladesh can easily be one of the largest manufacturing hubs with millions of young and tech-savvy skilled workers. The Chief Adviser said the interim government was carrying out vital reforms in the economy and eased congestion in Chittagong Port in an effort to attract more foreign investment. "We've also launched a fight against corruption," he said, adding people linked with the ruling family were involved in corrupt international deals. Dr Yunus calls for a system allowing people to vote "freely, fairly without any threat" Dr Ngozi said she was impressed by the spirits of the young protesters during the July mass uprising.  "They have set an unprecedented example sending the most impactful messages." She also praised the leadership of Professor Yunus in bringing stability to the country and putting Bangladesh back on the global map. "You are an image of stability. And stability and calm have returned to Bangladesh." During the talks at a Davos hotel, Dr Ngozi urged Bangladesh to ratify the fisheries subsidy agreement. Bangladesh will look into it, the Chief Adviser said. On Dr Ngozi's request on the Fish-2 agreement, Ambassador Tareq Md Ariful Islam, Bangladesh's Permanent Representative to the UN in Geneva, said Bangladesh is constructively engaging in its negotiation. Count on us for whatever support you want, WB MD tells Dr Yunus Dr Ngozi also requested Bangladesh to facilitate other instruments under negotiation at the WTO, including the investment facilitation for development agreement. Lamiya Morshed, SDGs Affairs Principal Coordinator, also attended the meeting.

With the increase in international trade of Bangladesh, efficient cross-border trade will have notable implications for the country’s LDC graduation process, ICC Bangladesh President Mahbubur Rahman has said. “Therefore, understanding the foreign business partners is crucial,” he said at the concluding session and certificate giving ceremony of a day-long workshop on “Trade Finance Legal Challenges and International Sanctions Regime & Requirements.” International Chamber of Commerce (ICC) – Bangladesh hosted a day-long Workshop on Trade Finance Legal Challenges and International Sanctions Regime & Requirements jointly with Moody's and ICC United Arab Emirates (UAE) in Dhaka on Saturday. Mohamed Daoud, Director and Industry Practice Lead for Moody's Financial Crime Compliance across the Middle East and India and Vincent O’Brien, Director, ICC UAE were present at the concluding session moderated by the ICC Bangladesh Secretary General Ataur Rahman. Addressing the participants ICCB President Mahbubur Rahman said the financing of international trade transactions plays a crucial role in facilitating global commerce. “However, it operates within a complex legal framework shaped by regulatory requirements, including sanctions, presenting significant challenges for financial institutions and businesses dealing with international trade.” ICCB President also said therefore, financial institutions and businesses must navigate a labyrinth of sanctions imposed by various jurisdictions. “These sanctions can target specific countries, entities, or individuals, and often differ between regions, leading to complexities in ensuring compliance.” Emphasizing on the role of lending organizations, Mahbubur Rahman said banks are obligated to conduct thorough due diligence to prevent money laundering and terrorist financing. This involves verifying the identities of clients and understanding the nature of their business activities, which can be resource-intensive and legally complex, he added. ICCB President also highlighted the recent trades in the global economic and political arena. He said the evolving geopolitical landscape that introduced new sanctions has increased the compliance burden on banks and businesses engaged in international trade. To navigate these challenges, financial institutions and businesses should establish comprehensive policies, follow regulatory requirements and educate employees on the latest developments in sanctions laws and compliance obligations, he said. Tax structure and bureaucratic hurdles top challenges for SME entrepreneurs: SME Foundation study He mentioned that the International Trade Finance landscape is also facing increasing risks due to geopolitical tensions and complex regulations, such as the new US & Allied sanctions regimes targeting specific jurisdictions. “To effectively manage these risks and reduce the risk inherent to Trade-Based Money Laundering (TBML), a connected risk and compliance approach to cross-border trading and finance is essential.” Some106 participants from different government agencies including the Financial Institutions Division under the Ministry of Finance, banks, financial institutions and international agencies took part in the day-long event. There were four sessions on different topics including modern trade finance, risk management, international sanctions, and TBML.

The Finance Ministry has highlighted low revenue collection as a major obstacle to effective debt management, restricting the government's ability to invest in infrastructure and development projects. According to a document from the ministry, the lower revenue-to-GDP ratio adversely impacts debt sustainability. "This issue is further exacerbated by the LDC graduation deadline in 2026, which will affect the country's access to concessional financing from international sources," the document states. The finance ministry's document, titled ‘Medium Term Macroeconomic Policy Statement (2023-24 to 2025-26)’, also identifies the high-interest rate environment both domestically and internationally as another significant challenge. This situation is increasing borrowing costs and straining public finances. Despite zero investment, govt earning Tk14 crore revenue from Nagad: Palak The rising need for government funding to support critical infrastructure, social safety nets, and other development initiatives compounds the problem. Additionally, the presence of segmented debt offices within various agencies has created coordination challenges in debt management, potentially affecting the country's fiscal sustainability. Recommendations for Improvement To address these challenges, the Finance Ministry recommends a comprehensive and integrated approach to debt management, improved revenue collection, and exploring alternative financing mechanisms to reduce reliance on debt. It is crucial to address these issues promptly to ensure that the country's public debt remains sustainable, the document asserts. Steps Toward Financial Efficiency The Finance Division has already undertaken measures to enhance the efficiency and transparency of the financial system. One key initiative is the introduction of secondary market transactions of government securities, facilitated by a memorandum of understanding (MoU) signed among Bangladesh Bank, the Bangladesh Securities and Exchange Commission (BSEC), the Dhaka Stock Exchange (DSE), the Central Depository Bangladesh Limited (CDBL), and the Central Counterparty Bangladesh Limited (CCBL). Despite zero investment, govt earning Tk14 crore revenue from Nagad: Palak This move aims to increase the scope and depth of the secondary bond market, allowing both institutional and household investors to participate in government securities transactions. It is expected to help finance the government’s deficit more efficiently and contribute to capital market development and overall economic growth. Additional Reforms The automation of the National Savings Certificate (NSC) issuance process represents another critical reform aimed at increasing efficiency and reducing paperwork. This measure supports the implementation of policy measures such as slab-based interest rates and individual investment ceilings, aligning with the government’s financing strategy and reducing investment in NSC. Furthermore, the publication of the Debt Bulletin ensures transparency in debt data, benefiting various stakeholders including other ministries, research organizations, the business community, the international community, and the general public. 34% of Bangladesh's revenue spent on debt repayment: CPD Moderate Debt Levels, Significant Challenges Despite Bangladesh maintaining a moderate level of public debt and a low risk of external debt distress due to strong growth and prudent macroeconomic management, the document stresses that significant challenges remain. Addressing these challenges is essential to maintaining sustainable public debt and supporting the country's development objectives.

Prime Minister Sheikh Hasina on Monday (May 15, 2023) apprehend that frequent climate-induced disasters may disrupt Bangladesh’s smooth transition from the LDC to developing country. “Bangladesh has been recommended for graduation from the LDC by 2026. However, the frequent climate-induced disasters may disrupt our smooth transition. Climate adaptation and disaster risk reduction are, therefore, policy priorities of my government,” she said. The Prime Minister expressed her apprehension in her pre-recorded video speech that was played in the 79th Annual Session of the Economic and Social Commission for Asia and the Pacific (UNESCAP) on "Accelerating Climate Action in Asia and the Pacific for Sustainable Development" held in Bangkok, Thailand. Also Read: Almost 3000 shanties damaged, but Rohingya camps spared the worst of Mocha She said that Bangladesh has been hosting 1.2 million forcibly displaced Myanmar nationals. “Their overdue presence not only poses a serious security threat but also triggers a severe environmental degradation,” she said. She reiterated her call to take concerted efforts to send them back to their homes in Myanmar.  Hasina put forward four proposals for UNESCAP for the betterment of the world to face the climate change. Read More: Climate Change: Leaders gather at annual UN policy forum in Bangkok to tackle the most daunting threat The proposals are: -Climate-vulnerable developing countries, especially in Asia and the Pacific, require adequate finances to implement their NAP as well as to achieve NDC targets. -International Support Measures of knowledge sharing, technology transfer and innovation-driven trade and investment are to be placed for transition towards climate resilience growth for the graduating countries. -Trade facilitation measures, digital trade and IT-enabled services should be available in the developing countries to deal with the Fourth Industrial Revolution and mitigate the challenges of climate change. -Sub-regional cooperation is to be strengthened, especially accelerating the current partnership and developing new partnerships, for promoting the climate actions for sustainable development in Asia and the Pacific. The prime minister said that climate change is the real challenge of this time. The Asia and Pacific region, home to 60 percent of the world's population, is highly vulnerable to climate change. Also Read: Cyclone Mocha: 10,000 houses damaged in Cox's Bazar, inc 1200 in St Martin She said that this region is facing natural calamities like floods, cyclones, heat waves and droughts in an increased rate due to the impacts of climate change affecting lives and livelihoods. PM Hasina mentioned that Bangladesh is one of the most climate-vulnerable countries in the world although its contribution to global emission is very negligible. “Our development programs, therefore, focus on addressing climate-resilient development efforts,” she told the conference. She said that her government has established 'Bangladesh Climate Change Trust Fund in 2009’ to help vulnerable communities. About 851 projects costing around half a billion US dollars have so far been executed under the fund. Read More: Many countries can learn from Bangladesh’s approaches to reducing poverty, empowering women, adapting to climate change: WB President In October 2022, she said, Bangladesh has submitted the National Adaptation Plan-NAP to UNFCCC. It has identified 113 interventions across 8 priority areas with a costing outlay of around 230 billion US dollar up to 2050. “Bangladesh has also submitted an ambitious and updated Nationally Determined Contributions-NDC to the UNFCCC in 2021.” She mentioned that the government has adopted the 'Bangladesh Delta Plan 2100', a 100-year strategic plan, for achieving a safe, climate-resilient prosperous delta. She said that Bangladesh is also implementing the 'Mujib Climate Prosperity Plan spanning from 2022 to 2041 with the vision of setting Bangladesh's development trajectory from vulnerability to resilience. “Let us join our hands together to consolidate our partnership to fight against the perilous threats of Climate Change and make the world a safer and better place for our future generation,” she said. Read More: Fakhrul slams govt for alleged inaction on climate change impact

Prime Minister Sheikh Hasina today (March 20, 2023) put emphasis on formulating new long term export policy for Bangladesh, considering graduation to a developing country from LDC after 2026. “After 2026, while we will graduate to a developing country from LDC, we will get some opportunities… We have to utilise those opportunities to make our economy stronger and develop the country further,” she said. The prime minister said this while speaking at the 11th meeting of the National Committee on Export, at her official residence Ganabhaban. She mentioned that after graduating to a developing nation, the next aim will be to become a developed one. Read More: Canada to increase potash exports to Bangladesh to boost food production, says country’s trade ministry Sheikh Hasina also asked the concerned to utilise opportunities regarding enhancing Bangladesh’s export items that have emerged due to Russia-Ukraine war. She said that due to Russia-Ukraine was, there is an opportunity for Bangladesh to create new markets with its own products. In this regard, she said that many countries have already shown interest to import food items from Bangladesh. “We could export food items after fulfilling local demands. We can take initiatives for that,” she said. Read More: Simplified policy, product diversification could boost exports to UK over $12 billion by 2029: Study says She said that immense opportunities could be created through establishing food processing industries in the country and export those items. The PM said that the government has given importance to the export sector. “After assuming office, we have taken steps to formulate long term export policies instead of policies on one-year basis. To sustain achievements, there is no alternative to long term strategy,” she said. She said that the government has formulated export policy until 2024 (2021-2024). Read More: Apparel export to EU up 14.3% during July-February of FY23  “…But what will we do after that? In the meantime, we are graduating to a developing country. I think this is the right time to consider what we will do in the coming days or how we will advance,” she said. She put emphasis on setting the next moves for economy, keeping in mind the current economic turmoil across the globe. “We have to find new markets across the globe. We have to diversify our products, we have to include new items in our export basket,” she said. The PM said that the Awami League government has given utmost importance to the private sector and it opened every sector to entrepreneurs as it is not possible for the government alone to develop the country. Read More: 'India a great potential market for Bangladesh's RMG exports' For the development of the export sector, she said, a strategy needs to be adopted and products have to be identified. “For that we have formulated a prospective plan – to turn the country into a developed one by 2041,” she said. The PM also mentioned ICT and digital devices, RMG, pharmaceuticals, light and medium weight industries, motor vehicles and electronic motor vehicles, while talking about diversifying products. She said that the government is preparing 100 economic zones with investment from home and abroad. Read More: Bangladesh export income rises despite bad global economy “Bangladesh has been able to attract foreign investments,” PM Hasina said.