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.

Outgoing Ambassador of Switzerland to Bangladesh Nathalie Chuard has said that as a “solid and agile” development partner, Switzerland will work with all stakeholders in Bangladesh and its multifaceted cooperation will take on crucial issues to make the latter’s graduation from least-developed status “smooth, inclusive and sustainable”. “The country is now at a crossroads with the upcoming graduation from the LDCs group. Switzerland welcomes this exciting development,” she told UNB in an exclusive interview. Nonetheless, the ambassador said, this graduation carries with it both opportunities and challenges, and it will be essential to prepare for post-graduation scenarios – leaving no one behind, addressing structural issues and making the private sector more competitive. “Being a country vulnerable to climate change, managing climate and disaster risks is another pressing challenge,” she said. Read more: Switzerland will continue to be a reliable partner for Bangladesh: Nathalie Chuard Evaluating the bilateral relations today, the Swiss envoy said 50 years is quite a long time but it is also only the beginning. “Since the birth of your nation, we have grown a solid, diversified and robust partnership. This relation has evolved, and I am really glad when I see where we are today and also where we are heading,” she said. During the celebrations of the 50th anniversary of the bilateral ties last year, Ambassador Chuard said they were able to showcase the scope and diversity of the partnership. “We launched our new Bangladesh Country Program that is aligned on the objectives of the Agenda 2030 and aims at supporting your country’s development for the years to come,” she said, adding that they danced to the songs of “Nodi Rocks”, an initiative for the youth to raise awareness on climate change and protecting rivers through music. Read more: Switzerland a serious global player, reliable partner of Bangladesh: Ambassador Chuard Together with other partners, the envoy said, they held exhibitions in Dhaka and Cox’s Bazar to underscore the significance of humanitarian principles. “For the first time, our bilateral trade also crossed the significant milestone of US $1 billion in 2022. I think all these aspects show how diverse and multifaceted our relations have become. While I look back, I am really proud of what we have accomplished together, and looking forward to the next steps of our common journey,” she said. Responding to a question, Ambassador Chuard said Bangladesh is a beautiful country, boasting a colourful and vibrant society always full of energy. “I have been lucky enough to travel widely throughout Bangladesh – from the chars in Gaibandha to the Chittagong Hill Tracts and the Sundarbans. Far away from Dhaka’s hustle and bustle, experiences such as a motorbike ride in a far-flung Char has surely given me another perspective of this country, and I have loved doing it! The people here are amazing and exceptionally resilient.” Read more: Swiss Ambassador Chuard sees “massive potential” to boost trade, investment with Bangladesh She also said, “Whether we talk about climate change or economic development, Bangladesh is everything from the chars, the agriculture to the busy ports or urban centers and its readymade garment factories, and it has been important for me to experience it firsthand. It is about the diversity of your country. It is also in all these fields, and many more, that Switzerland has worked with Bangladesh on its journey.” Wherever she has been, Ambassador Chuard said, she has always felt welcome. “What maybe has impressed me the most are the women and the role they have played in the country's socioeconomic advancement.” Switzerland has also supported numerous projects towards women’s empowerment and participation, including in the political arena, Chuard said. On that note, the ambassador mentioned that Bangladesh is preparing for its next national election, expected to be held in January 2024. Read More: Newly appointed Bangladesh envoy Sufiur presents credentials to Swiss president, seeks better relations “We call on all stakeholders, including political parties, to uphold and ensure citizens’ voting rights and I hope that these elections will be free, fair and credible. This is an important signal for Bangladesh and its citizens,” she said. The ambassador said the two countries are working on an air service agreement and one MoU regarding knowledge partnership. “While these are still under negotiation, I am confident that these agreements will pave the way for broadening the horizon of our future relations,” she said. The Swiss envoy said, “I find that there is another positive development and it is related to the area of exchanging banking information.” Read More: Switzerland, UNDP sign deal to promote peaceful, inclusive societies for sustainable development Switzerland is one of the world’s leading financial centers, they have made substantial contributions to international standards, and are committed to their effective enforcement. “My country has been very dedicated to continue cooperating with Bangladesh on this topic in accordance with globally recognized procedures. In this regard, I am encouraged by the discussions that have taken place, following our proposals to tackle illicit financial flows,” Ambassador Chuard said. GLOBAL CRISIS AND DIPLOMACY Asked whether diplomacy is always effective in solving major global issues like the Rohingya crisis, the Swiss envoy said, “Obviously, as a career diplomat, I strongly believe in diplomacy… There is no doubt that solutions are found in diplomacy.” To prevent conflict, she said, all parties need to talk together in order to find solutions and common ground. “Diplomacy is a highly powerful and effective tool for nations and stakeholders to communicate and develop mutually accepted solutions.” Read More: Info Exchange: Bangladesh, Switzerland to discuss ways to develop mechanism The ambassador said the world is facing numerous crises at the same time, and people are very worried and affected in various ways. “With the recovery from the pandemic, the aggression against Ukraine and the omnipresent climate change, none of us really knows how it will play out,” she said. “If there is one thing that these global challenges have taught us, it is the importance of reaching consensus, defending a rules-based order, pushing for global peace and prosperity and strengthening multilateralism. Diplomacy and bringing stakeholders together are more important than ever, particularly for countries like Bangladesh and Switzerland,” Chuard said. Since the first of January and for the next two years, Switzerland is a non-permanent member of the UN Security Council. Read More: Switzerland keen to work with Bangladesh to increase farmers’ socio-economic resilience against climatic risks “Our entry to this important UN body stems from my country’s strong affinity for multilateralism and willingness to play its role to stand up for a just and peaceful international order,” she said. The membership to the UN body is also a great opportunity to collaborate closely with Bangladesh on vital global peace, security and development challenges, Chuard said. “For my country, it is very important that the Rohingya crisis is not forgotten and that a lasting and sustainable solution is found. And until the conditions for the return of the refugees are met, we will continue to stand next to Bangladesh to support the response to the crisis,” said the envoy. Responding to a question, Ambassador Chuard said diplomacy is a continuous process and requires not only skills but also convictions. Read More: Nagad, Swisscontact team up to enhance financial inclusion of RMG workers “It is a means to an end rather than an end in itself. One must remain persistent and continue working on pending topics and challenges. And if someone tells you that diplomacy does not work, that means that we should try harder,” she said. DEVELOPMENT COOPERATION Switzerland is an “effective, innovative and committed” development partner of Bangladesh and development cooperation has traditionally been a foundation of the bilateral ties, the ambassador said. Over the last five decades, Switzerland has supported Bangladesh with over $1 billion in development cooperation and humanitarian aid. “The modalities of our cooperation with Bangladesh have evolved over time and our current ongoing cooperation programme aims to assist the sustainable graduation of Bangladesh from the LDC group, develop a more prosperous, just and resilient society, and foster peaceful coexistence,” she added. Read More: Switzerland keen to invest in Bangladesh’s disaster-prone areas “Switzerland will invest around Tk 1450 crore to implement this program by 2025. In close partnership with all stakeholders, our program complements the support for more trade and direct foreign investment with the promotion of the Swiss key values of good governance and respect of human rights to ensure sustainability, including for economic growth,” said Ambassador Chuard. ECONOMIC COOPERATION The Swiss envoy said economic cooperation has become another strong pillar of the bilateral relations between the two countries. “Since my arrival in 2020, I have observed the great potential and a shared goal with our counterparts here to increase trade and investment between our countries,” she said, adding that the situation seems promising, taking into account the trend over the last period. The bilateral trade crossed the landmark $1 billion threshold in 2022, for the first time ever.   The envoy said, “And for us, a country with roughly the same population as Chattogram, this is a significant outcome, making us one of Bangladesh’s most active trading partners!” She said Swiss investors have a strong and diverse footprint in the country and they provide cutting-edge and essential products, technologies and services in many crucial economic sectors. “My impression is that our companies are increasingly becoming advanced technology suppliers for the local market and businesses, enabling the expansion of the latter. I am confident that more technological partnerships and Swiss investments will follow, including green technologies, if we can tap more into the diversity of trade and investment promotion tools on each side,” she said. INVESTMENT CLIMATE The Swiss envoy said the level of foreign direct investment remains relatively low in the country and climate-related issues therefore frequently feature in many of her meetings with Bangladeshi decision-makers. Read More: Swiss Ambassador Chuard sees “massive potential” to boost trade, investment with Bangladesh “I welcome the several measures that the government has undertaken in recent years to attract new investments and improve the ease of doing business. In my view, it is clearly a win-win since foreign investments are also crucial to take Bangladesh to its next level of development,” she said. “In this context, I would like to mention that if you take care of them well, the existing investors can become your country’s best ambassadors for attracting more FDIs,” she added. NEXT DESTINATION “As a diplomat, I have been to many countries and I put my heart where my mission is. Bangladesh is no different. As of the first of March, I will be the new director of the Geneva Centre for Security Sector Governance (DCAF),” said the envoy. DCAF has programs that touch on more than 70 countries and facilitates, drives and shapes security sector reform policy and programming worldwide. Read More: Bangladesh, Switzerland discuss celebration of 50 years of ties in Davos “I am glad and honored to take on this new challenge at such a crucial time and find it very motivating to lead an organization that makes states and people safer, and promotes good governance, rule of law and respect for human rights,” she said. “This is at the core of what my country stands for and so close to my heart. As a Swiss diplomat, I am also proud to soon be part of “International Geneva” and promote its vision of a world of peace, rights and prosperity,” the Swiss envoy mentioned.

FBCCI president Md Jashim Uddin said Bangladesh's graduation from the Least Developed Country will strengthen the image of the country in the international arena along with creating huge trade and investment opportunities. The president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) said this at the Annual General Meeting (AGM) of the organisation held at a convention hall in the capital on Wednesday. Read more: FBCCI wants to enhance bilateral trade relations with Mozambique Due to Covid-19 Pandemic, the AGM of the session 2020-2021 could not be held as per schedule. As a result, two separate AGMs of the session 2020-2021 and 2021-2022 were held on the same day. He said, “Bangladesh will lose special trade privileges in several markets including in Europe, one of the top export destinations of the country, as a result of the LDC graduation. The private sector has to face competition in maintaining the price and product quality. This is why emphasis should be given to research, innovation, and product diversification.” To make sustainable export trading, the government should initiate more bilateral trade agreements including Free Trade Agreements (FTA), and Preferential Trade Agreements (PTA), he said. Read more: FBCCI urges policy support in tourism development Jashim emphasized obtaining certificates from various institutions, reducing complexity in its renewal, effective automation, and increasing the capacity of port management to attract more foreign investment. “The Covid-19 pandemic and the Russia-Ukraine crisis have resulted in an abnormal increase in energy price, food price, agricultural production cost, industrial raw materials, parts, and transportation cost. High inflation is also occurring in currency exchange rates. Rising costs of doing business have made it difficult for local entrepreneurs to survive in the global competition,” he said. In such a situation, he suggested that the private sector should focus on increasing the use of technology in the industry, creating a skilled workforce, increasing efficiency in business management, and increasing the capacity to produce goods at competitive prices. In the ongoing situation, the FBCCI President urged the District Chambers and Associations to be more proactive to maintain productivity. At the same time, he suggested identifying sector-wise problems and bringing them up at the policy-making level through FBCCI. FBCCI former president Abdul Matlub Ahmad, former first vice president Mohammad Ali, Monowara Hakim Ali, former vice president Abu Alam Chowdhury, Dewan Sultan Ahmed, Helal Uddin, and others participated in the open discussion.

State Minister for Foreign Affairs Md Shahriar Alam has said Bangladesh looks forward to Sweden’s continued support to make the LDC graduation smooth and sustainable. He hoped that Bangladesh’s onward march to becoming a reliable partner in the global supply chain can be supported by Sweden. State Minister Alam reaffirmed the pledge to work together with Sweden for the collective well-being of shared humanity and hoped that the relations between Bangladesh and Sweden would continue to grow in depth and dimensions in the coming days. Read more: Sweden to partner UNFPA in projects worth over $10 million

State Minister for Foreign Affairs Md Shahriar Alam on Tuesday said Bangladesh looks forward to Sweden's continued support to make the LDC graduation smooth and sustainable. He hoped that Bangladesh's onward march to becoming a reliable partner in the global supply chain can be supported by Sweden. State Minister Alam reaffirmed the pledge to work together with Sweden for the collective well-being of shared humanity and hoped that the relations between Bangladesh and Sweden would continue to grow in depth and dimensions in the coming days. Read more: Bangladesh-Sweden further cooperation can yield more mutual benefits: BGMEA He attended as the guest of honour at a reception on the occasion of Lucia, as well as the celebration of 50 years of bilateral relations between Bangladesh and Sweden. Sweden's Ambassador to Bangladesh, Alexandra Berg von Linde, hosted the reception. The Lucia reception, one of the foremost cultural Swedish traditions, was held at Edge Gallery at Bay's Edgewater in Gulshan 2 of the capital. The State Minister said that Lucia reception marks the end of the year, and looking back on 2022, Sweden and Bangladesh relations have strengthened, with new avenues of cooperation emerging as well. He recalled Sweden was among the first European countries to have recognised an independent Bangladesh in early 1972. The government and people of Sweden stood by Bangladesh as the country embarked on a difficult reconstruction and rehabilitation journey under the leadership of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman. Sweden has been a steadfast partner in Bangladesh's development trajectory in the last five decades, with active footprints in good governance, labour rights, trade, investment, disaster risk reduction, environmental protection, education, cultural cooperation, and humanitarian assistance. Lucia is an old tradition celebrated all over Sweden in the making of Christmas. Read more: Sustainability an important part of our future bilateral ties with Bangladesh: Swedish Minister As a part of this, Sweden Embassy in Dhaka organised the celebration. Diplomats, editors and political leaders, among others, were present.

Speakers at a discussion meeting said the proposals that had been placed in the 12th ministerial conference (MC-12) of the World Trade Organisation (WTO) in Geneva were not getting prioritised due to the negligence of developed countries. They gave the opinion at a discussion titled “WTO-MC12 Outcomes: Next Steps for Bangladesh as a Graduating LDC”, organised by CPD in partnership with Friedrich-Ebert-Stiftung (FES), Bangladesh, held at the CIRDAP conference hall on Sunday. They said Bangladesh is the only country that has adequately utilised the opportunities available as an LDC. The speakers said the country has increased exports using preferential market facilities, but the question now is whether such opportunities will continue. They said the announcement of MC-12 mentions several challenges after graduation, but no promises were made to overcome them. Read: Global trade will grow a lackluster 1% in 2023, WTO predicts CPD’s distinguished fellow professor Dr. Mustafizur Rahman presented a keynote paper on the topic, highlighting that the demands of least developed countries have been ignored in the WTO-MC12. The conference prioritised important agenda for developed and wealthy countries. Dr. Mustafizur said the main agenda of Bangladesh is the LDC graduation. “Most of the six countries with earlier graduations are small economies. Bangladesh is a country that was able to take maximum advantage. But many benefits will be lost after graduation from the LDC. Almost 90 percent of the benefits in the export sector will not be there for Bangladesh,” he said. He said if export performance is to be sustained and improved, shifting from the choice-driven competition to efficiency and productivity-driven competition is very vital. He said that the government should set up a separate and dedicated cell to exclusively discuss and secure Bangladesh's interests in international trade platforms. Read: WTO Conference: Bangladesh speaks against sudden ban on food export He also said that because of the negligence of the rich countries, the graduating countries weaken. “We need to change our mindset considering the future as non-LDC developing country. Priority should be given to issues related to regional cooperation and bilateral trade agreements,” Dr. Mustafiz said. Yussuf Abdullah Harun, MP, Member, Standing Committee on Ministry of Commerce, was present as chief guest while Dr. Debapriya Bhattacharya, Distinguished Fellow of CPD, chaired the programme. Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, Md. Jashim Uddin, President, Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), Hafizur Rahman, Director General, WTO Cell of Ministry of Commerce, and Dr. Mostafa Abid Khan, Trade specialist and former Member of Bangladesh Tariff and Trade Commission, Felix Kolbitz, Resident Representative of FES spoke at the event.

Commerce Secretary Dr Tapan Kanti Ghosh has acknowledged that the country's impending graduation from the least developed countries (LDC) grouping would present new challenges as well as opportunities for the economy. He made the remarks while addressing a consultation meeting of the Bangladesh Foreign Trade Institute (BFTI) titled “Identification of Trade-related Graduation Challenges and Preparation of Sector-Specific Trade Roadmaps for Overcoming the Challenges” on Tuesday. The BFTI, a subordinate body of the Commerce Ministry to deal with issues under the World Trade Organization (WTO), organised the meeting to discuss the findings of its recently conducted research on post-graduation challenges to trade and business. Read more: LDC Graduation: Bangladesh, Lao PDR, Nepal join UN-led exchange on smooth transition The commerce secretary said the public and private sectors must work together to address the LDC graduation challenge. “There is no option but diversification of products and exports to overcome the graduation challenge and to develop trade,” he said adding, "The government has taken various steps for ease of doing business and all the ministries and agencies of the government are working together." In the consultation meeting, the stakeholders discussed different issues to identify and overcome trade-related challenges of LDC graduation. They made different suggestions for developing a roadmap on trade for 4 sectors of light engineering, plastic products, leather & leather products and non-leather footwear. Earlier, a similar stakeholder consultation meeting was held on November 3 to draw up a trade-related roadmap for different sectors including manufactured garments, shipbuilding industry, agricultural products and processed food and fisheries and livestock in the first phase. The third phase of the stakeholder consultations featuring 4 more sectors will be held on November 10. Read more: Post-LDC graduation challenges: Commerce ministry for public-private partnership for product diversification With BFTI Chief Executive Officer Md Zafar Uddin in the chair, the meeting was also addressed by Hafizur Rahman, director general and additional secretary of WTO Wing of the Commerce Ministry, president of Bangladesh Plastic Goods Manufacturers and Exporters Association Shamim Ahmed, President of Bangladesh Engineering Industry Owners Association Abdur Razzak and representatives of different public and private sector organisations.