Upgrading from LDC status or not!

FE Team | Published: September 30, 2020 20:00:38

For every action, there is an equal and opposite reaction, according to Newton's third law of motion. The same applies to Bangladesh's apparently hurried move to publicise its graduation from least developed country to a developing country. While it enhances slightly the country's international standing, the change in the status has a cost - loss of some concessions the country is entitled to under the global trade regime. That's now being felt, especially in the context of the coronavirus outbreak.
Now, the government thinks, the country should make delay in confirming its graduation from LDC to a developing nation status, in view of the challenges it would entail. The prime minister's private industry and investment adviser Salman F Rahman on Tuesday hinted at 'postponement' of the graduation by 2024. He mentioned that the commerce ministry is studying the matter, especially some mechanisms of postponement so that the country does not lose the benefits. Duty-free access to different markets is the main consideration regarding possible postponement of the graduation.
Whatever happens, Bangladesh needs to take preparations to face the competition in the international arena. We should not pretend what we are not, but at the same time should not lower ourselves even by our gestures. Bangladesh can prosper and attain dignified status internationally by making progress at home.
Salahuddin Bablu
New Eskaton, Dhaka
salahuddinbablu@yahoo.com