Bangladesh to prepare action plan on post-LDC challenges within a month

Bangladesh is going to prepare an action plan within one month to tackle the possible challenges of Bangladesh’s graduation from the status of a least developed country (LDC) after sorting out the possible sector-wise challenges.

The high-level committee that was formed for preparation, planning, implementation and monitoring in tackling the post-LDC challenges held its maiden meeting virtually on Wednesday, reports BSS.

The committee discussed different possible negative impacts on the country’s economy, socioeconomic and other areas, especially in the export-oriented sectors -- like RMG and pharmaceuticals -- during the post-graduation period.

It also decided to sort out the possible challenges in different sectors within a month. To this end, a six-member subcommittee was formed as senior secretary of Commerce Ministry Dr Md Jafar Uddin its head.

“The sub-committee was asked to identify the sector-wise challenges and prepare an action plan within one month,” Prime Minister’s Office (PMO) Secretary Md Tofazzel Hossain Miah told reporters after the meeting.

Prime Minister’s Principal Secretary Dr Ahmad Kaikaus presided over the meeting joining from the Prime Minister’s Office. Economic Relations Division (ERD) Secretary Fatima Yasmin made a power-point presentation in the meeting.

Noting that Bangladesh would lose different international support during the post-LDC period, he said duty-free and quota-free access as well as concessional loan facilities from bilateral or multilateral sources would be narrowed for Bangladesh following the graduation.

“Besides, the issue of intellectual property rights would shrink any time after 2033,” he said.

In the meeting, the committee also took the decision to arrange a large-scale seminar with experts of different sectors and academicians as early as possible to receive their views and opinions over the post-LDC challenges.

The committee also decided to hold a meeting every month regularly.