Now the government tries for deferment of Bangladesh's LDC graduation by three years, in the wake of strong pleas particularly from the business community afraid of losing export privileges at a bad time.
Commerce Secretary Mahbubur Rahman spoke of the government move Tuesday, though he sees slim hope of change in the UN-designated graduation schedule.
"If we can defer LDC graduation by three years, it will be very favourable for our economy," said Mr Rahman, adding that the government is working with experts and other stakeholders in this regard.
"We are getting expert opinions. With their expertise, we will be trying to place the documents (to the UN body). We expect we will leave no stone unturned," the commerce secretary told the audience while speaking as chief guest at a workshop on 'Implications of US reciprocal tariffs and LDC Graduation: Concerns and Options for Bangladesh'.
A private think-tank, Research and Policy Integration for Development (RAPID), hosted the workshop for journalists at the CIRDAP conference centre in Dhaka's Topkhana road.
Economic Reporters' Forum (ERF) President Doulot Akter Mala spoke as guest of honour of the workshop moderated by RAPID Executive Director M. Abu Eusuf while RAPID Chairman M A Razzaque made keynote presentation.
In his speech, the commerce secretary also said moves were now underway.
"As much as we are afraid of (LDC) graduation... yes definitely, we held a meeting with a foreign team the day before yesterday regarding graduation. We are doing this in a low voice."
Explaining the reason behind airing 'low voice', the official said to postpone the graduation from least-developed country (LDC) status a resolution has to be passed at the UN General Assembly. Bangladesh has brought such resolution.
However, he advised all not to be too optimistic, saying that there are hurdles from Bangladesh's competitor countries in bringing a resolution again.
"Among those who compete against Bangladesh-the countries that you apparently consider-the friendliest are the first to oppose it," he said, naming the names of the countries that include Japan, Turkey, India and America.
"Then how will you get the resolution passed (in the UN General Assembly)?" He posed the question, adding that Bangladesh is now taking technical assistance from these very countries so that they do not oppose it.
He identifies slow trend in investment as one of the pressing issues for the country's economy.
Regarding LDC graduation, RAPID Chairman M. A. Razzaque notes that Bangladesh has fulfilled all the three basic criteria: per-capita income, human-asset index and suitable position in economic-vulnerability index.
Explaining the process of graduation deferment with the UN Committee for Development Policy (CDP), the economist predicts it will be difficult for Bangladesh.
"While a request by the government can always be lodged, achieving results will depend on mobilising the full weight of diplomatic machinery, and the effort will be complex and intensive," said Mr Razzaque.
Making an analysis through economic modelling on the impact of reciprocal tariffs, he said aggregate US imports and exports to fall significantly, while Bangladesh would experience a less-than-1.0-percent fall in its global trade.
With the contraction of the US market, Bangladesh's exports to the United States are simulated to decline by 14.3 per cent, which is approx. $1.25 billion including $1.08 billion of apparel sales, added the economist.
The ERF President, Doulot Akter Mala, said business communities of the country stood united to get the LDC graduation deferred to tide over probable impact. Often changes become matter of fear while there are unfavourable economic situation.
"Our existing scenario comprises sluggishness in employment generation, investment. We have not been able to enter international trade blocs, accomplish FTAs," she told the meet.
In such circumstance, whether the country should go for LDC graduation, there should be move based on quantification of data and research, she added.
She also suggests preparing a trade experts' pool comprising different stakeholders, including economic reporters, to navigate the critical cusp of transition.
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