Written by The Banking Post
Bangladesh has secured fresh support from the European Union (EU) and the Group of 77 and China (G77) for its proposal to extend the preparatory period for graduating from the least-developed country (LDC) category.
The assurances came during separate meetings at the United Nations Headquarters between Commerce Minister Khandakar Abdul Muktadir, EU Ambassador to the UN Stavros Lambrinidis, and G77 Chair and Uruguay’s Permanent Representative to the UN Laura Dupuy Lasserre, according to a government statement.
During the meetings, the commerce minister explained Bangladesh’s request for a three-year extension, citing the country’s ongoing economic and political transition, global economic uncertainty, energy challenges and the need to complete key structural reforms.
He reaffirmed the government’s commitment to improving governance, reforming the financial sector, strengthening infrastructure, increasing domestic resource mobilisation and creating a more investment-friendly business environment.
“The additional time would help consolidate reforms, remove infrastructure bottlenecks, strengthen industrial competitiveness and ensure that Bangladesh’s graduation remains smooth, sustainable and irreversible,” he said.
Ambassador Lambrinidis welcomed Bangladesh’s commitment to good governance and sustainable development and reiterated the EU’s continued support for the country’s graduation process.
He also welcomed the start of discussions on a Bangladesh-EU Free Trade Agreement (FTA) and underscored the importance of stronger public-private collaboration to facilitate the transition.
Ambassador Lasserre acknowledged the strength of Bangladesh’s case for extending the preparatory period and praised the government’s reform agenda. She reaffirmed the G77’s support and proposed a dedicated briefing for G77 member states on Bangladesh’s graduation strategy, a proposal welcomed by the Bangladesh delegation.
Following the meetings, Economic Relations Division Secretary Md Shahriar Kader Siddiky described the discussions with the EU delegation as productive, saying the bloc had reaffirmed its support for Bangladesh’s smooth, sustainable and irreversible graduation from LDC status.
