Staff Reporter :
Bangladesh will form a permanent trade negotiation body to manage all activities related to its graduation from Least Developed Country (LDC) status, Dr Anisuzzaman Chowdhury, Special Assistant to the Chief Adviser, announced on Tuesday.
Speaking at a press conference held at the Foreign Service Academy in Dhaka, Dr Chowdhury said the proposed body would be modelled after international counterparts such as the Japan External Trade Organization (JETRO) and the United States Trade Representative (USTR). It will be staffed not only with government officials, but also experienced expatriate Bangladeshis and skilled professionals from the
private sector. Individuals from sectors potentially affected by the LDC graduation will also be included based on their expertise.
He underscored the need for Bangladesh to become more self-reliant, noting the country’s steady progress towards achieving middle-income status.
“The duty-free and quota-free facilities we currently enjoy will not expire in 2026. Several countries have already committed to extending these benefits,” Dr Chowdhury said. “The European Union has assured us of continued preferences until 2029. Australia, the UK, and China have all conveyed their intent to maintain existing trade privileges irrespective of our graduation status.”
Addressing concerns from the business community, he stated, “Many of the fears voiced by our business stakeholders have already been addressed. What is needed now is a better understanding of the evolving landscape.”
Dr Chowdhury acknowledged institutional shortcomings, particularly the absence of a dedicated trade agency. “We are working to establish a separate trade cell, and a strong, permanent negotiation body is part of that strategy,” he said.
In response to a question on foreign aid, he commented: “Foreign aid is not a pressing concern. Our reliance on aid is a colonial legacy. The aid-to-GDP ratio has already decreased significantly. Even if aid flows decline, it will not pose a major challenge.”
He added that overdependence on aid had previously led to complacency. “Since 2010, aid dependence increased under the previous administration, while the tax-to-GDP ratio dropped from 10 percent to 6 percent. We are now prioritising the mobilisation of domestic resources. Reforms are underway in the National Board of Revenue (NBR) and other institutions.”
Reflecting on the Chief Adviser’s meeting earlier in the day, Dr Chowdhury said preparations for LDC graduation were thoroughly reviewed. “We evaluated our strengths and identified areas requiring improvement. We are reasonably confident. Our ‘plane’ is ready to fly, and the risk of crashing is minimal.”
He acknowledged potential risks, including employment pressure and strain on the private sector. “These issues were discussed, and we are planning accordingly. A high-level committee, including government officials, private sector representatives, and international experts, will be formed to monitor the transition.”
Drawing comparisons with other countries, he stated, “Many nations with fewer resources than us have successfully graduated. Bhutan did so right after the pandemic. If they can, so can we. We must believe in our capabilities.”
Meanwhile, Chief Adviser’s Press Secretary Shafiqul Alam quoted the Chief Adviser as saying, “We have made our decision – we must move forward at full speed.”
The Chief Adviser instructed all concerned to ensure that no sector is adversely affected and called for efforts to transform Bangladesh into a regional manufacturing hub following graduation. He also emphasised close monitoring of the entire transition process to maximise benefits.
