EU, G77 reaffirm support for Bangladesh's smooth LDC graduation

The European Union (EU) and the Group of 77 and China (G77) have reaffirmed their support for Bangladesh's smooth, sustainable and irreversible graduation from the UN's Least Developed Country (LDC) category, backing the country's ongoing reform agenda and transition efforts.

The assurance came during separate meetings between Bangladesh Commerce Minister Khandakar Abdul Muqtadir, EU Ambassador Stavros Lambrinidis, and G77 and China Chair as well as Uruguay's Permanent Representative to the United Nations, Laura Dupuy Lasserre, at the UN headquarters, according to a Commerce Ministry statement issued on Friday (July 17).

During the discussions, Bangladesh reiterated its request for a three-year extension of the LDC graduation preparatory period, citing the need to navigate ongoing economic and political reforms, global economic uncertainty, energy-sector challenges, and the implementation of key structural reforms.

The commerce minister said the additional transition period would help consolidate reform initiatives, address infrastructure bottlenecks, strengthen industrial competitiveness, and ensure a smooth, sustainable and irreversible graduation from LDC status.

He also highlighted the government's commitment to improving governance, strengthening the financial sector, expanding infrastructure, mobilising domestic resources, and creating a more investment-friendly business environment.

EU Ambassador Stavros Lambrinidis praised Bangladesh's commitment to good governance and sustainable development. He welcomed ongoing discussions on a Bangladesh-EU Free Trade Agreement (FTA) and reaffirmed the bloc's continued support for Bangladesh's LDC transition.

He also stressed the importance of closer collaboration between the public and private sectors throughout the process.

G77 Chair Laura Dupuy Lasserre described Bangladesh's case for extending the transition period as well-founded and credible. Commending the country's pragmatic reform agenda, she reaffirmed the group's support and proposed holding a special briefing for G77 member states on Bangladesh's LDC graduation strategy. The Bangladeshi delegation welcomed the proposal.

Following the meetings, Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky described the discussions with the EU delegation as highly productive, saying the bloc had once again assured Bangladesh of its continued support for a smooth and sustainable graduation from LDC status.