Bangladesh would enjoy the preferential trade facility until 2027, although it qualified in the first UN review for graduating as a developing nation, Commerce Minister Tofail Ahmed said on Sunday.
Bangladesh is capable of facing all trade-related challenges after graduation from the LDC (least developed country) status, he told reporters at his ministry office.
"We will fully graduate from the LDC group in 2024, but those countries that provide us the GSP (generalised system of preference) facility will continue it until 2027, and then we will get the GSP plus," he added.
Bangladesh qualified in the first UN review for graduating from the LDC status. But Bangladesh will face a second review in 2021 before getting the final nod as a developing nation in 2024.
Tofail said free trade agreement (FTA) would be signed with those countries that do not give the GSP facility to Bangladesh and that negotiation was going on with those countries to that end.
Mentioning that political stability is the first requirement for a country's development, he said: "Now it (stability) has been prevailing in the country as BNP has understood their mistake."
The minister said the UN made the announcement of Bangladesh's graduation as a developing nation on the birthday of Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
Bangladesh is capable of facing all trade challenges after graduation from the LDC status. The country attained the present position after facing a lot of challenges, the commerce minister told the reporters.
The country is preparing itself to combat the challenges ahead. The European Union (EU) will give the GSP Plus facility after graduation.
Secretary of the ministry of commerce Shubhashish Bose was present at the press briefing.
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