Bangladesh to get LDC benefits for 5 years after graduation
Bangladesh features called on the international community for the continuation of international support procedures for a long period to make its upcoming graduation out of Least Developed Region (LDC) status steady and sustainable.
Bangladesh is set to meet up the LDC graduation standards for the next consecutive time and you will be recommended for graduation through the upcoming triennial overview of the Committee for Advancement Coverage (CDP) of the US found in February 2021, according to a launch from the Economic Relations Division (ERD) beneath the Ministry of Finance, studies UNB.
Bangladesh has made the call throughout a program of the ongoing Professional Group Meeting (EGM) of the Committee for Expansion Insurance policy (CDP) held today as part of the Preparations for the upcoming triennial analysis meeting.
Principal Coordinator (SDG Affairs) of the Primary Minister's Office Juena Aziz led the Bangladesh delegation.
Secretary of the Economic Relations Division (ERD) Fatima Yasmin delivered a presentation during the session-highlighting the unprecedented socioeconomic improvement achieved by Bangladesh recently, as well as the latest job of the united states regarding graduation.
It was projected during the assembly that since Bangladesh had met all of the standards for LDC graduation for consecutive second period, the country would be recommended for graduation through the upcoming triennial assessment in February 2021.
At the same time, the Bangladesh delegation needed providing an extended preparatory period of five years (2021 to 2026).
It really is notable that Bangladesh met all of the requirements for LDC graduation for the very first time during the last CDP triennial assessment, held in March 2018. As per the provisions of the United Nations, a country must be found eligible in two successive triennial reviews to be advised by CDP for graduation.
As per the guidelines of CDP, a country can enjoy a 3-5 years preparatory period after getting recommended for graduation. If Bangladesh gets the five-time preparatory period for graduation after becoming recommended by CDP during the triennial review the following month, the united states will formally graduate out from the LDC status in 2026.
In this preparatory period, Bangladesh will be entitled to appreciate all the international support actions reserved for LDCs.
In addition, according to the existing provisions, the country would also remain permitted enjoy duty-free, quota-free usage of the European Union marketplace for three more years, lasting till 2029.
During her country demonstration, ERD Secretary Fatima Yasmin brought up that Bangladesh will likely be recommended for graduation at the same time when the whole country is normally celebrating fifty years of its independence as well as the birth centennial of the daddy of the Nation Bangabandhu Sheikh Mujibur Rahman.
The united states presentation highlighted the unprecedented progress achieved by Bangladesh recently in a variety of macroeconomic and socioeconomic indicators.
It also reflected on multifarious procedures that have been and will be taken by the government found in partnership with all of the relevant stakeholders to best utilise the chances that might be created for the country in the aftermath of graduation.
The country presentation also called on the international community for the continuation of international support measures in the aftermath of graduation as well as for improving the flow of expansion financing to tackle the impacts of climate change and for obtaining the Sustainable Development Goals (SDGs).
Couch of Committee for Expansion Insurance policy Jose Antonio Ocampo and other people of CDP praised the unprecedented socioeconomic progress made by Bangladesh recently, according to the PMO release.
Although the idea of Least Developed Countries (LDCs) started in the late 1960s, the first band of LDCs was listed by the US back 1971. While there have been 25 countries in the set of LDCs back in 1971, the quantity grew to 49 at one level, and pursuing some graduations, today stands at 46. Bangladesh was first listed as an LDC back in 1975.
So far, a total of six countries have graduated from the LDC position. These are- Botswana (1994), Cape Verde (2007), Maldives (2011), Samoa (2011), Equatorial Guinea (2017) and Vanuatu (2020). In this year's triennial assessment, CDP will evaluate the graduation progress of four even more countries ( Nepal, Myanmar, Lao PDR and Timor-Leste).
