Logo of Phnom Penh Post newspaper Phnom Penh Post - Bangladesh to make roadmap soon as new developing nation

Bangladesh to make roadmap soon as new developing nation

Content image - Phnom Penh Post
Bangladesh will transition from a least developed country (LDC) to a developing one in the next five years. AFP

Bangladesh to make roadmap soon as new developing nation

The government is going to prepare a roadmap soon for Bangladesh’s smooth transition from a least developed country (LDC) to a developing one in the next five years.

It is also set to sign preferential trade agreements (PTAs) with Sri Lanka and Nepal to reap the trade benefits available during the transition period, say finance ministry officials.

The national taskforce working to ensure Bangladesh’s smooth transition to a developing nation will sit soon to draw up the roadmap, a senior official at the ministry told The Daily Star on February 28.

Secretaries of all the ministries concerned are members of the taskforce headed by the principal coordinator (SDG affairs) of the Prime Minister’s Office. They will discuss the roadmap and strategies to implement the measures recommended by the UN Committee for Development Policy (UNCDP), said the official, seeking anonymity.

A team from the UNCDP is scheduled to visit Bangladesh next month to assist in the preparations of the roadmap and strategies.

The UNCDP is arguing for adoption of a host of international support measures in favour of the graduating LDCs.

The team will monitor the measures taken by the government and also give technical support for preparing the roadmap and strategies, mentioned the official.

The official also said they will take up some time-bound action plans and send progress reports to the UNCDP every year so that it can monitor and evaluate the country’s steps during the transition period.

The government has already submitted the country report regarding the transition to the UNCDP, outlining its plans for the transition period.

In the report, the government said it is going to sign PTAs with Sri Lanka and Nepal.

Bangladesh has also been negotiating with Indonesia to sign Free Trade Agreement (FTA) to boost bilateral trade and also tap into export potential in the Southeast Asian region, the official pointed out.

The Economic Relations Division (ERD) has taken up a project titled Support to Sustainable Graduation Project to carry out the activities of the national taskforce and also provide it with secretarial support. The roadmap and strategies will be formulated under the project.

On February 26, the UNCDP, based on assessment, recommended Bangladesh’s graduation to a developing country from a least developed one.

Taking into consideration the Covid-19 fallout, the UNCDP for the first time extended the transition period for Bangladesh to five years from three years.

The UNCDP will evaluate the country again in 2024 mainly to observe whether there is any setback in the economy or the graduation.

At a virtual discussion on the country’s LDC graduation on February 28, Debapriya Bhattacharya, a member of the UNCDP, said the committee has suggested that Bangladesh should prioritise areas in policy formulation to support its development during the transition period and beyond.

In a presentation, he also highlighted the major policies in which the UNCDP suggested collection of more tax, measures to increase private and foreign direct investment (FDI), creation of jobs, and improvement of healthcare and the quality of education.

The UNCDP also suggested product diversification as the country is relying too much on garment items, said Bhattacharya, also a distinguished fellow at the Centre for Policy Dialogue.

THE DAILY STAR (BANGLADESH)/ASIA NEWS NETWORK

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Schools drawn into Manet degree row

    Prime Minister Hun Sen stepped into the Hun Manet-Sam Rainsy war of words over the validity of Manet’s degree from the US Military Academy at West Point, set off by Rainsy’s claims that Manet had received a “second-class degree” or “honorary degree”. Hun

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Kampot tourism quay ‘90% done’

    Construction on Kampot International Tourism Port – a 4ha quay in Teuk Chhou district about 6km west of Kampot town – has fallen off track, reaching 90 per cent completion, according to a senior Ministry of Tourism official last week. The project is now planned to be finished