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The United Nations (UN) has requested Bangladesh to submit its annual report and action plan on addressing the possible challenges after graduation from the least-developed country (LDC) status in 2026, according to sources.
The Committee for Development Policy (CDP) under the UN recently wrote to Bangladesh's permanent mission to the UN in New York, USA, asking for the letter to be forwarded to the government authorities.
The Economic Relations Division (ERD) under the Ministry of Finance has begun preparing the report and has requested information from the relevant ministries.
The CDP has already recommended Bangladesh for the transition from LDC status, which will be effective from 2026.
Officials said the ERD has asked the commerce ministry to provide information on international support for graduation, including commitments made by trading partners to maintain or phase out LDC-specific international support measures.
The ERD has also asked for information on the LDC group's submission and responses from the World Trade Organization (WTO) or other organisations or trading partners on extending special and differential treatment provisions after graduation.
The ERD has sought information on the negative socio-economic impacts of the Covid-19 pandemic and its implications on preparations for graduation from the LDC category and its transition strategy, and on how these have impaired the country's preparation of a smooth transition strategy.
Besides, the division has also asked for information on preparedness in international trade, including strategy, action plan, study and progress of concluding PTA, FTA and CEPA with potential trading partners.
The ERD list also includes the overall socio-economic impacts of the Russia-Ukraine war, including supply chain management measures taken by the government.
The CDP is mandated to monitor the development progress of countries that have already graduated or will be graduating from the LDC club.
The United Nations Economic and Social Council (ECOSOC) calls on member states and relevant UN entities to support the efforts of the CDP to monitor the implementation of smooth transition strategies by graduating and recently graduated LDCs.
The council also calls on these countries to integrate this monitoring into their existing policy monitoring and evaluation frameworks and to establish effective links to the CDP's enhanced monitoring mechanism.
In General Assembly resolution 67/221, the governments of countries that are graduating from LDC status, with the support of a consultative mechanism, are invited to report annually to the CDP on the preparation of their transition strategies.
In the Doha Programme of Action, the General Assembly calls on the CDP to continue due consultations with countries graduating from LDC status while monitoring these countries.
In this context, a virtual consultation meeting between the CDP and Bangladesh is likely to be held in December 2023.
The government has formed various committees and sub-committees to address the possible challenges after graduation from LDC status, according to sources.
Several large economies and blocs have assured Bangladesh that they will provide trade preference facilities after graduation.