EU, G-77 pledge support for smooth LDC exit

In a major diplomatic breakthrough, the European Union (EU) and the Group of 77 and China (G-77) have strongly backed Bangladesh’s bid for a three-year extension to its Least Developed Country (LDC) graduation preparatory period, promising full support to ensure a smooth, sustainable, and irreversible economic transition.

The crucial assurances were delivered during separate high-profile bilateral meetings held at the United Nations Headquarters in New York, according to an official press release issued on Friday.

Commerce Minister Khandakar Abdul Muktadir led the Bangladeshi delegation in discussions with Ambassador Stavros Lambrinidis, Head of the EU Delegation to the UN, and Ambassador Laura Dupuy Lasserre, Chair of the G-77 & China and Permanent Representative of Uruguay to the UN.

The high-level Bangladeshi contingent included State Minister for Planning Zonayed Saki, Economic Relations Division (ERD) Secretary Md. Shahriar Kader Siddiky, and Bangladesh’s Permanent Representative to the UN Ambassador Salahuddin Noman Chowdhury.

Private sector leaders, including Leathergoods and Footwear Manufacturers & Exporters Association (LFMEAB) President Syed Nasim Manzur and BGMEA President Mahmud Hasan Khan, were also present to reinforce the country’s industrial stance.

During the sessions, Commerce Minister Muktadir presented a compelling case for the three-year extension. He explained that the additional time is vital to navigate the country’s ongoing domestic socio-economic and political transitions, global economic volatile shifts, energy sector vulnerabilities, and the critical need to implement and stabilize wide-ranging structural reforms.

“The extra preparatory period will help us consolidate our economic reforms, dismantle infrastructure constraints, boost industrial competitiveness, and guarantee that our graduation path remains completely stable and irreversible,” the minister stated.

He further detailed the government’s robust roadmap to strengthen governance, reform the financial sector, upgrade infrastructure, maximize domestic resource mobilization, and create a highly investment-friendly business climate.

Reacting positively, EU Ambassador Lambrinidis praised Bangladesh’s firm commitment to good governance and sustainable development. He highly welcomed the formal initiation of dialogue regarding a prospective Bangladesh-EU Free Trade Agreement (FTA) and reiterated the EU’s unwavering partnership.

Lambrinidis also emphasized that a closer public-private partnership is essential to successfully weather post-graduation challenges.

Meanwhile, G-77 Chair Ambassador Lasserre termed Bangladesh’s justification for the extension “exceptionally strong and logical.” Applauding the government’s pragmatic reform agenda, she proposed hosting a dedicated briefing session for all G-77 member states to study Bangladesh’s transition blueprint a proposal eagerly accepted by the Bangladeshi team.

Following the meetings, ERD Secretary Md. Shahriar Kader Siddiky described the deliberations as “highly productive,” cementing a unified global backing for Bangladesh’s economic future.