EU, G-77 reaffirm support for Bangladesh's LDC graduation

The European Union (EU) and the Group of 77 and China (G-77) have reaffirmed their support for ensuring a smooth, sustainable and stable transition of Bangladesh from the Least Developed Country (LDC) list.

The support was reiterated during separate meetings of Commerce Minister Khandaker Abdul Muktadir with EU delegation head Ambassador Stavros Lambrinidis and G-77 and China Chair and Uruguay's Permanent Representative to the UN Ambassador Laura Dupuy Lasserre at the UN headquarters, according to a commerce ministry press release on Friday, July 17.

The commerce minister presented Bangladesh's rationale for a three-year extension of the preparatory period for LDC graduation. He cited the ongoing economic and political transition, global economic uncertainty, energy sector challenges and structural reforms as reasons requiring additional time. He also highlighted the government's commitment to good governance, financial sector reforms and a more investment-friendly environment.

Ambassador Lambrinidis praised the government's commitments and welcomed discussions on a free trade agreement between Bangladesh and the EU. Ambassador Dupuy Lasserre described Bangladesh's arguments as strong and acceptable, proposing a briefing session for member states on Bangladesh's graduation strategy.

The meetings were attended by Planning State Minister Jonaid Saki, ERD Secretary Md Shahriar Kader Siddiky, and BGMEA and LFMEAB leaders. The ERD Secretary said the meetings were highly productive, with the EU reaffirming continued support for Bangladesh's smooth transition. The G-77 chair also offered to arrange a briefing on Bangladesh's strategy for member states.