EU, G77 Back Bangladesh's Smooth LDC Graduation

The European Union (EU) and the Group of 77 and China (G77) have reaffirmed their support for Bangladesh's efforts to ensure a smooth, sustainable and irreversible graduation from the Least Developed Country (LDC) category.

The assurances came during separate meetings at the United Nations Headquarters in New York between Commerce Minister Khandakar Abdul Muktadir, EU Ambassador to the UN Stavros Lambrinidis, and G77 Chair and Uruguay's Permanent Representative to the UN Ambassador Laura Dupuy Lasserre, according to a government press release.

The Bangladesh delegation included State Minister for Planning Zonayed Saki, Economic Relations Division (ERD) Secretary Md. Shahriar Kader Siddiky, Bangladesh's Permanent Representative to the UN Ambassador Salahuddin Noman Chowdhury, LFMEAB President Syed Nasim Manzur, and BGMEA President Mahmud Hasan Khan.

During the meetings, the commerce minister explained Bangladesh's request for a three-year extension of the LDC graduation preparatory period, citing the country's ongoing economic and political transition, global economic uncertainties, energy challenges and the need to consolidate structural reforms.

He reiterated the government's commitment to strengthening governance, improving the financial sector, expanding infrastructure, enhancing domestic resource mobilisation and creating a more investment-friendly business environment.

The minister said the additional preparation period would help reinforce reforms, address infrastructure constraints, enhance industrial competitiveness and ensure that Bangladesh's graduation from LDC status remains smooth, sustainable and irreversible.

Ambassador Lambrinidis praised Bangladesh's commitment to good governance and sustainable development, welcomed the launch of discussions on a Bangladesh-EU Free Trade Agreement (FTA) and reaffirmed the EU's continued support for the country's LDC graduation process.

He also stressed the importance of stronger public-private cooperation to facilitate a successful transition.

Ambassador Lasserre acknowledged the strength of Bangladesh's case for an extension, welcomed the government's pragmatic reform agenda and reaffirmed the G77's support.

She also proposed a dedicated briefing for G77 member states on Bangladesh's LDC graduation strategy, a proposal welcomed by the Bangladesh delegation.

Following the meetings, ERD Secretary Md. Shahriar Kader Siddiky described the discussions with the EU delegation as highly productive, saying the bloc had reaffirmed its continued support for Bangladesh's smooth, sustainable and irreversible graduation from the LDC category.