Bangladesh must improve its efficiency and competitiveness to address the challenges it will face during its transition from the Least Developed Country (LDC) category to a developing nation, said Commerce Advisor Sheikh Bashir Uddin.
He emphasized the importance of implementing the trade facilitation roadmap for this transition.
At the eighth meeting of the National Trade Facilitation Committee (NTFC) on Tuesday, the advisor highlighted that Bangladesh is set to graduate from LDC status by November 2026. This transition will introduce new regulations on exports, and Bangladesh must enhance its capabilities to mitigate the economic impact of these changes.
The meeting, organized by the commerce ministry, was held at the Bangladesh Institute of Administration and Management (BIAM) Foundation auditorium in Dhaka. Chief Advisor’s Special Envoy for International Affairs Lutfe Siddiqi also attended as a guest, as mentioned in the ministry’s statement.
In his speech, Bashir pointed out that Bangladesh has until 2030 to make the necessary adjustments. “This is a significant period. If we graduate from LDC status in 2026 and the working groups collaborate, we can set clear targets,” he said.
The special envoy also stressed the need for a specific timeline to implement initiatives, improve capabilities, and facilitate business. “We want to enhance coordination and cooperation,” he noted.
The ministry explained that the main goal of the Trade Facilitation Agreement (TFA) is to review international trade regulations and procedures to liberalize trade, boosting the movement and expansion of imports and exports.
