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Bangladesh has received a final recommendation to move from the list of least developed countries to developing countries. The final recommendation for inclusion in developing countries was decided at the triennial meeting of the United Nations Committee for Development Policy (UN-CDP) in New York on Friday night. At the same time, it was decided to recommend two more years to prepare the application from Bangladesh. As a result, in 2028, there was no obstacle for Bangladesh to move from a least developed country to a developing country. On this occasion, Prime Minister Sheikh Hasina will attend a virtual press conference on Saturday afternoon.
CDP examines migration from LDCs based on three indicators. Bangladesh has come a long way in meeting the conditions for all three indices. Previously, CDP’s triennial review meeting began on February 22 in New York.
In case of transition from a least developed country to a developing country, the duty-free market facilities that Bangladesh is now obtaining in the world market, the facilities in the pharmaceutical sector, the intellectual property benefits and other benefits will be gradually withdrawn. . However, if some challenges can be addressed, attracting investors, improving credit rating and increasing prestige in the world are also available.
Bangladesh, which is in the least developed country of Qatar since 1985, fulfilled all CDP conditions in 2017 to become a developing country. At the time, the CDP said, Bangladesh qualified for the transition to a developing country based on per capita income, human resources and economic fragility. But it must be kept for six years. It will be reviewed every three years. CDP’s triennial review meeting ended yesterday.
Honorable Member of the Center for Policy Dialogue, Prof. Mostafizur Rahman told Kaler Kanth in this regard that CDP has already made the final decision to recommend. The meeting will continue until last night. At the end of the meeting, they will send the recommendations to Echoes. As a developing country, Bangladesh faces some challenges. One of them is that developing countries must be prepared to survive in Qatar, increase their competitiveness, create an enabling environment for investment and diversify their markets.
The per capita income of a developing country is at least £ 1,230. The per capita income of Bangladesh in 2020 was হাজার 1,626. Developing countries need 8 points on the human resources index, while Bangladesh now has 65.3 points. If the index of economic fragility is higher than 36, the country is included in the LDCs. And after reaching 32, developing countries qualify. Bangladesh’s point is now 25.2. According to CDP regulations, a country can enjoy three to five years of preparation after receiving an approval recommendation.
The Bangladesh delegation called on CDP for five years to prepare for the coronavirus epidemic in order to make the transition process sustainable and smooth. The CDP establishes a five-year preparation period accordingly. At the end of this time, in 2026, there will be an official transition to the developing countries of Bangladesh. By the rules, it was supposed to be in 2024.
At this time of preparation, Bangladesh will be able to enjoy all the facilities available as a least developed country. Other than that, under current rules, Bangladesh will get duty-free service on the European Union market for three more years after 2026, that is until 2029.
In 1971, the United Nations classified the world’s least developed countries as least developed countries (LDCs) on the basis of certain criteria. In 1971, the number of least developed countries was 25, which is now 48. Of the least developed countries so far, Botswana, Cape Verde, Maldives, Samoa, Equatorial Guinea and Vanuatu have made the transition.
Meanwhile, Prime Minister Sheikh Hasina has called a virtual press conference this afternoon. The press conference was called to receive the final recommendation from the United Nations for the transition of Bangladesh from a least developed country.
The press conference will be held at 4 pm at the official residence of Prime Minister Ganobhaban Sheikh Hasina and journalists at the end of the Prime Minister’s Office.
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