Written by The Banking Post
Chief Adviser’s Special Envoy on International Affairs Lutfey Siddiqi has outlined five priority areas for Bangladesh to manage its graduation from least-developed country (LDC) status, warning that the shift is inevitable and must be turned into an opportunity.
“Even if graduation is delayed by a couple of years, it doesn’t change our book of work,” Siddiqi said in a keynote address at the ILO Asia-Pacific Conference on Labour and LDC Issues in Bangkok on Tuesday.
He stressed that global trade rules are shifting away from unilateral preferences. “The best we can do is to ensure a smooth transition, not a sudden ‘cliff switch’ in our terms of trade,” he said.
Siddiqi urged policymakers to:
- Diversify exports through better marketing of current products and building capacity for new ones.
- Attract investment by reforming logistics, customs, ports, airports, and public administration, including digitising informal sectors.
- Secure trade deals, such as free trade or economic partnership agreements, to maintain market access after graduation.
- Upgrade labour standards to qualify for EU GSP Plus and meet requirements in other key markets.
- Boost skills and training so workers and entrepreneurs can meet new global demands.
He cited ongoing negotiations on Bangladesh’s first major FTA with Japan, which also aims to send 100,000 skilled workers there.
Labour reforms, Siddiqi said, are not only a market requirement but a “moral imperative,” noting the Yunus government’s creation of a national Labour Reform Commission alongside other institutional reforms. Business leaders back the agenda, recognising its link to export access.
“Negotiating favourable post-LDC terms won’t be easy,” he warned, pointing to an Article 26 complaint at the ILO. “But we expect to complete most of our obligations under the roadmap soon.”
He closed by urging support for a strategy built on “rights, relations, and resilience.”
