They also laid emphasis on the need to upgrade hard and soft business infrastructure; encouraging linkage industries and establishment of special economic zones and active … Upon graduation, those benefits phase out. The same would also apply to fiscally incentivising infant industries. Overview of LDC graduation since 1971 5. Bangladesh exports its pharmaceutical products to more than 100 countries, of … That means Bangladesh will enjoy the zero-duty benefit to the EU up to 2027 but for other countries, the tariff benefits will be withdrawn from 2024. Of this total global assistance, Bangladesh has received only 3 per cent. Securing a “smooth transition” to post-LDC status is always considered important by graduating countries, and Bangladesh is no exception to the challenge at stake. ... Recognising the disastrous impact of the COVID-19 pandemic, Bangladesh, together with three other LDCs in the list, has been given five years to navigate through the transition. Bangladesh will graduate from the Least Developed Country (LDC) group in 2026, a watershed moment for a young country. Therefore, it is important to ascertain how the loss of improving business climate and trade facilitation system for sustainable LDC. After graduation in 2024, there will be a grace period of another 3 years when Bangladesh can enjoy all LDC-specific benefits. Bangladesh stands to lose $7 billion in export earnings every year once it graduates into the developing country bracket in 2027 as the trade benefits it currently enjoys will be phased out then, a Planning Commission report says. benefits cannot be taken lightly, as the possibility of some adverse effects of graduation exists. Maintaining its position in all the three categories for the next six years will eventually lead towards graduating from the LDC … The probable impact of graduating to DC They said permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, although Bangladesh will face many challenges. Benefits of graduation from LDC status Tangible benefits: • Stronger human assets, improved economic structure to deal with market and natural disaster shocks. Bangladesh is set to meet the LDC graduation criteria for the second consecutive time and will be recommended for graduation during the upcoming triennial review of the Committee for Development Policy (CDP) of the United Nations in February 2021, according to a release from the Economic Relations Division (ERD) under the Ministry of Finance. Around 70 per cent of Bangladesh’s export is conducted under preferences given by some developed and developing nations under the LDC criteria. In addition, if finally Bangladesh able to meet required criteria for the graduation in 2024, there will be a grace period of another 3 years until when Bangladesh can enjoy all LDC-specific benefits. The Bangladesh government is keen to utilise this transition period to develop a comprehensive strategy for LDC graduation with a view to ensuring that the graduation costs in terms of loss of benefits are well understood and appropriate strategies and policies are in place to allow a smooth transition from LDC status. The United Nations Committee for Development Policy (CDP), in its 2018 review of the list of least developed countries (LDCs), found Bangladesh pre-eligible for graduation from LDC status in light of the country’s performance under the three criteria for identifying LDCs. Member of Bangladesh Trade & Tariff Commission Dr. Mostafa Abid Khan delivered a keynote presentation on Trade Related Challenges of Graduation and COVID-19 Pandemic. Consequently, Bangladesh will not be able to produce medicines on patent in Bangladesh after graduation from LDC status. benefits cannot be taken lightly, as the possibility of some adverse effects of graduation exists. Because income per capita is only one of the three criteria used for LDC graduation, LDC graduation does not mean … Meanwhile, the UNCDP said LDC trade benefits accorded to Bangladesh should continue for five years, not the usual three, due to the economic impacts of Covid-19. The country has developed significant trade-related capacity and adaptability, even withdrawal of GSP by the US. Currently, Bangladesh as an LDC enjoys zero-duty tariff benefits, preferential trade benefits and regional trade benefit on exports to 38 countries worldwide, 28 of which are within the EU. Bangladesh has met, for the second time, all the three criteria for graduating from the Least Developed Country (LDC) and if everything goes right, will finally be graduated in 2026. Bangladesh has stepped into a new journey as it qualified to graduate into a developing nation from a Least Developed Country (LDC) after 45 years. A: Graduation signifies partial progress toward the SDGs, since some of the LDC indicators can be found in the goals. However, graduated countries will continue to face challenges in pursuing the objectives outlined in Agenda 2030. Consequently it is. UN Programmes of Action in support of LDCs 7. Bangladesh is set to meet the LDC graduation criteria for the second consecutive time and will be recommended for graduation during the upcoming triennial review of the Committee for Development Policy (CDP) of the United Nations in February 2021, according to a release from the Economic Relations Division (ERD) under the Ministry of Finance. “Bangladesh will lose these facilities by 2027 with finally graduating from LDC.” Graduation from LDC has a more direct impact on financing for climate change adaptation as graduating countries lose access to LDC-specific funding sources, most notably the LDC Fund. Once the country graduates, all tariff benefits will be lifted. graduation. has chosen to shed off the least developed country (LDC) status and will inform the United Nations (UN) of this pronouncement officially on 15 November. Bangladesh needs to prepare for a smooth graduation … Difference with Middle Income Country category 6. Booming Bangladesh looks forward to LDC graduation October 30, 2017. LDC graduation will have the greatest impact on the exports of Bangladesh, which is estimated to see exports decline by 14%, said Razzaque. Overview of LDC graduation since 1971 5. So there are approximately 10 years for the country to prepare itself to start the new journey. Household out-of-pocket expenditure as percentage of total health expendi - ture in Bangladesh was more than 67 percent in 2015, and of which more than 75 per- Bangladesh will face many challenges. Only the European Union (EU) will allow the tariff benefits for Bangladesh for another three years as a grace period. It adds that the country is making good progress in preparing for a smooth transition strategy and plans for appropriate actions to address challenges posed by the LDC graduation and the impacts of the Covid-19. 2. Imtiaz Ahmed Sajal, 'Impact of Graduation from LDC Group on the Pharmaceutical Sector in Bangladesh' in The Pharma World, Vol. expected date of graduation. • Most tangible benefits of graduating from LDC status are realized prior to graduation through LDC-linked and LDC-status-guided technical and financial assistances from After that, it will lose the trade facilities it enjoys as an LDC. Bangladesh should defer the LDC graduation process considering the adverse impact of COVID-19 pandemic that has already turned the economy upside down, economists and businesses leaders said on Saturday.They said the policymakers should instead engage in the ongoing lobbying for further extension of the existing trade benefits that Bangladesh now enjoys as a least-developed … The Bangladesh govt. Poverty declined from 44 percent in 1991 to 15 percent in 2016, based on the international poverty line of $1.90 a day (using 2011 Purchasing Power Parity exchange rate). But those benefits will be lifted upon LDC graduation and replaced with tariffs, a development that would erode the price competitiveness of Bangladesh’s products in the global market. The end of access to the waiver after graduation means several things. However, “the phasing-out of benefits associated with the LDC status could present challenges for graduating LDC governments to integrate into [the] global economy,” the report argued. Speakers at a webinar on Monday stressed the need to focus on improving the business climate and trade facilitation system to ensure Bangladesh’s smooth and sustainable graduation from LDC status by 2026. Bangladesh has the strength to graduate despite the Covid-19 effects but the grace period should be extended so that the country can enjoy the preferential trade benefits. Policy reforms, aligned polices with the WTO directives, fiscal and non-fiscal benefits, domestic measures, equal treatment to the potential export oriented sectors, competitiveness, skill development and technological advancement are key to over the challenges of LDC graduation for Bangladesh, speakers urged in the 2nd Dialogue on “Challenges and Way forward on Export … When Bangladesh graduates from LDC (Least Developed Countries) in 2024, within 03 years it will lose duty-free (DF), most favourite nation (MFN), the generalized system of preferences (GSP), and all other LDC facilities, So different trade agreements along with joining the bloc would be essential to offset the impact of LDC graduation. They also advocated for the establishment of more fashion design institutes; raising … After the Economic Relations Department (ERD) sent a summary to the Prime Minister, she gave an instruction to start the graduation process. They said permanent graduation from the LDC status would be recognition of real development of the country and the living standards of the people, although Bangladesh will face many challenges. LDC graduation would have the greatest impact on the country’s exports, estimated at a 14-per cent decline, according to a World Trade Organisation document for 2020. The graduation to middle-income status On a per-capita income basis, Bangladesh has crossed the lower band of the middle-income status as defined by the World Bank last year. Benefits offered by LDC status and opportunities to be forgone consequent to graduation … After that, it will lose the trade facilities it enjoys as an LDC. According to the report, “at present 12 LDCs are at different stages of their path to graduation from LDC status.” A country is classified as a least developed country (LDC) by the United Nations (UN) based on its statuses of poverty, human resource weaknesses and economic vulnerabilities. The United Nations Committee for Development Policy (UN CDP) recommended the graduation in its final evaluation on Friday. Aside from an economic and governance disaster happening in the intervening period, nothing can deter Bangladesh's graduation to middle-income status in 2024. This report on the ‘trade impacts of LDC graduation’ WTO for an analysis of how graduating from LDC status will impact countries’ trade relations. They said permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, although Bangladesh will face many challenges. Re-publication from The Daily Star.. Bangladesh has attained considerable development progress in the past three decades. Bangladesh receives UN recommendation for graduation from LDC status after fulfilling the LDC graduation criteria for the second consecutive time. This graduation is … It has brought opportunities as well as challenges since Bangladesh will lose trade benefits in export destinations and lose competitiveness to its competitors following the graduation. • Bangladesh government has set a goal to reach in middle-income group by 2021 for which it has targeted the growth rate of GDP to be 7%. Upon graduation, those benefits phase out. Effects of graduation from LDC: Though developed countries are committed to provide 0.15 per cent - 0.20 per cent of their GNI as assistance to the LDCs, only 50 per cent of this commitment has actually been realised. Bangladesh has to maintain or exceed several other economic and social indicators over the next five years to be formally stripped of the LDC moniker. In addition, if finally Bangladesh able to meet required criteria for the graduation in 2024, there will be a grace period of another 3 years until when Bangladesh can enjoy all LDC-specific benefits. Difference with Middle Income Country category 6. LDCs are accorded special treatment in the WTO, in particular with regard to enhanced market access opportunities and policy flexibilities. It is to be mentioned that, following a solicitation by Bangladesh to prolong the period for LDC graduation on the ground of ill-effects of COVID-19, authorities had shifted the time to 2026 from 2024. Thus, addressing the DFQF loss-related fallouts—particularly in the EU market—has to be one of the core pillars of Bangladesh's transition strategy for LDC graduation. Q: Is LDC graduation the same as becoming a middle-income country? The virtual webinar on ‘LDC graduation: Challenges and Opportunities’ was organised by the Institute of Chartered Accountants of Bangladesh (ICAB) on Monday. Bangladesh, though, may continue to receive duty-free benefits on exports to developed and developing countries for longer than expected, as the United Nations Centre for Development Policy (UNCDP) could delay the country’s assessment for graduation from an LDC by 3-5 years. This has led it to enter a dual-graduation phase—moving out from low-income country to lower middle-income country group (World Bank classification) in 2015, and meeting all three criteria for exiting from the least developed country (LDC) group (United Nations classification) in 2018. The CDP will review Bangladesh’s progress in 2021, and the country’s official graduation from the LDC category will take place after another three-year transition period in 2024. The foreseeable graduation of Bangladesh creates three important needs: The remarkable socio-economic development in the last decade has made Bangladesh eligible for this graduation. UN Programmes of Action in support of LDCs 7. Among the LDCs, Bangladesh made the highest use of the trade benefits given by the developed and developing countries. Bangladesh, though, may continue to receive duty-free benefits on exports to developed and developing countries for longer than expected, as the United Nations Centre for Development Policy (UNCDP) could delay the country’s assessment for graduation from an LDC by 3-5 years. LDC GRADUATION: What it means for Bangladesh | The Daily Star It adds that the country is “making good progress in preparing for a smooth transition strategy and plans for appropriate actions to address challenges posed by the LDC graduation and the impacts of the COVID-19.” Bangladesh for graduation from the LDC category in 2024. They said permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, although Bangladesh will face many challenges. After LDC graduation, Bangladesh’s subsidy activities in agriculture would have to be more transparent and limited. Graduation from the LDC group would mean relinquishing a wide-variety […] 52|March-April 2018.pdf A new report, born out of a request by the LDC Group at the WTO, breaks down the impacts on a country’s trade and development cooperation landscape. Graduating from the LDC may also lead to the loss of access to the LDC Fund for Climate Change, which is a matter of grave concern for Bangladesh. A: Various UN entities provide specific support to LDCs during the graduation process. The UN system provides support to all graduating countries in the form of workshops to exchange experiences, build awareness, and propose transition strategies for graduation and beyond. May 21st, 2018 at 2:32 pm. Undoubtedly, upon LDC graduation, products made in Bangladesh will become more expensive to buyers and consumers in key export markets. Component Manager of SSGP and Joint Secretary Mr. Anwar Hossain delivered a keynote presentation on LDC Graduation Process and Initiatives of the Government. The United Nations Committee for Development Policy (CDP), in its 2018 review of the list of least developed countries (LDCs), found Bangladesh pre-eligible for graduation from LDC status in light of the country’s performance under the three criteria for identifying LDCs. Bangladesh … Helping Bangladesh make graduation a milestone of continued economic progress. Bangladesh has called on the international community for the continuation of international support measures for an extended period to make its upcoming graduation out of Least Developed Country (LDC) status smooth and sustainable.Bangladesh is set to meet the LDC graduation criteria for the second consecutive time and will be recommended The Committee for Development Policy (CDP) of United Nations (UN) has recommended Bangladesh’s graduation from the Least Developed Country (LDC) status for fulfilling its all three eligibility criteria for the second time alongside Nepal and Lao PDR, reports BSS. The CDP’s LDC Monitoring Report 2021 states that Bhutan will be graduating in 2023, coinciding with the end of the 12th Plan. With 12 least developed countries (LDCs) set to graduate in the coming years, clarity on what they should expect is a requirement. Bangladesh’s graduation progress will be reviewed by CDP in 2021 based on prepandemic data collected in 2019 and not that collected in 2020. As an LDC, Bangladesh also enjoys non-reciprocal benefits under the Generalised System of Preferences (GSP) schemes of various countries. A Smoother Trade Transition for Graduating LDCs. Benefits offered by LDC status and opportunities to be forgone consequent to graduation … The probable impact of graduating to DC LDC graduation: UNCDP says extended transition period will help B’desh address coronavirus’ impacts. • Most tangible benefits of graduating from LDC status are realized prior to graduation through LDC-linked and LDC-status-guided technical and financial assistances from That means Bangladesh will enjoy the zero-duty benefit to the EU up to 2027 but for other countries, the tariff benefits will be withdrawn from 2024. The benefits those Bangladesh will have after the graduating … A: No. Bangladesh is scheduled to officially become a developing country in 2026 as the UN committee recommended that the country should get five years, instead of three, to prepare for the transition due to the impact … Besides, special preferential access from different countries and trading partners will be reduced after transition period starts. The results show that the social cost of LDC graduation leads to a significant jump in insulin prices that could cause up to a 50 percent decline in households' welfare. Bangladesh has attained considerable development progress in the past three decades. Speakers at a webinar on Monday laid emphasis on upgrading hard and soft business infrastructures, encouraging linkage industries and establishment of special economic zones, and Active Pharmaceutical Ingredient park for smooth and sustainable graduation of Bangladesh from LDC status by 2026. It became eligible for graduation for the first time in 2018. https://cpd.org.bd/making-bangladeshs-ldc-graduation-smooth-and-sustainable Bangladesh as an LDC: Graduation prospects and pathways 8. They said the policymakers should instead engage in the ongoing lobbying for further extension of the existing trade benefits that Bangladesh now enjoys as a least-developed country. As a result, Bangladesh reached lower-middle-income status in 2015 and is on track to graduate from the UN’s Least Developed Countries (LDC) list in 2026. till 2027 to prepare itself for a smooth transition. For example, as an LDC, Bangladesh benefits from the most favourable regime under the EU's GSP facility and can export everything except arms to the European bloc free of duties and quotas. The graduation can be hailed as a milestone for Bangladesh and reflects the country’s sustained development in the socio-economic indicators. Also read: Bangladesh’s LDC graduation… They said permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, although Bangladesh will face many challenges. After the graduation Bangladesh will get 3 more years i.e. Jago News Desk Published: 27 February 2021, 02:21 PM. •Bangladesh will forego benefits accorded to LDCs in future trade negotiations. For nearly 50 years, the world’s “least developed countries” have received extra financial support and preferential trade treatment to help them grow and develop. Bangladesh should defer the LDC graduation process considering the adverse impact of COVID-19 pandemic that has already turned the economy upside down, economists and business leaders said on Saturday. With graduation, Bangladesh will no longer have access to such waiver. Graduation to developing nation: Bangladesh’s challenges in climate financing. The EU market (along with the UK market) currently accounts for about 62 percent of the country's apparel exports and nearly 56 percent of the total exports of the country. Currently, Bangladesh as an LDC enjoys zero-duty tariff benefits, … Securing a “smooth transition” to post-LDC status is always considered important by graduating countries, and Bangladesh is no exception to the challenge at stake. ... has recently qualified to be graduated to developing nation from the group of Least Developed Countries. With 12 least developed countries (LDCs) set to graduate in the coming years, clarity on what they should expect is a requirement. The Istanbul Programme of Action (PoA) for LDCs for the decade 2011-20 included an all-embracing objective of graduation of LDCs and their smooth transition to the rank of developing states. As a least-developed country (LDC), Bangladesh currently enjoys zero-duty benefits on its shipments to the EU, Canada, Australia and many other countries. LDC THOUGHTS The changing economic environment and perspectives associated with LDC graduation can open up new windows of opportunities that can actually help GRADUATION OF Bangladesh to take necessary steps with a fresh endeavor to become an upper middle-income country by 2031 and high-income country by 2041. Policy reforms, aligned polices with the WTO directives, fiscal and non-fiscal benefits and domestic measures are key to overcome the challenges of LDC graduation for Bangladesh, speakers said in a dialogue on “Challenges and Way forward on Export diversification of Bangladesh upon LDC graduation- A regulatory reform perspective”, organized by Dhaka Chamber of Commerce & Industry … A new report, born out of a request by the LDC Group at the WTO, breaks down the impacts on a country’s trade and development cooperation landscape. • Considering the average growth rate of 9.43% from 2007 to 2012 , the extrapolation suggests that Bangladesh could be able to reach the threshold level for graduation The CDP’s LDC Monitoring Report 2021 states that Bhutan will be graduating in 2023, coinciding with the end of the 12th Plan. development of the country and the living standards of the people, although. impact Bangladesh's insulin prices and their subsequent impacts on welfare and poverty upon LDC graduation. As a least-developed country, Bangladesh currently enjoys zero-duty benefits on its shipments to the European Union, Canada, Australia and many other countries. They said, permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, though Bangladesh will face many challenges. The meeting 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. If Bangladesh can keep its momentum with this achievement for two consecutive triennial review by CDP of 2021 and 2024, it is expected that, Bangladesh is going to be graduated from LDC in 2024. LDC graduation and WTO challenges 201 highly probable that the country will be recommended for graduation by the UN. Bangladesh ’ s sustained development in the Pharma World, Vol Manager of SSGP Joint. 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The UN sees a “lot of benefits” for Bangladesh once it officially graduates to a developing country by 2024, but says challenges remain. 4. Excessive dependence on government revenue from trade means FTA negotiations with a major partner country may not be … •Bangladesh will no longer benefit from LDC provisions in regional agreements, unless it negotiates otherwise. Although graduation is a sign of development progress, people often confuse the strict process of UN LDC graduation with the general notion of development improvement or the transition into middle-income status. Trade has significantly contributed to enabling the graduating LDCs to reach the development thresholds set for graduation, and we all have a shared responsibility to ensure that they sustain this growth momentum. This study is a product of a Secretariat-wide effort coordinated by the Development Division. Helping Bangladesh make graduation a milestone of continued economic progress. The government has taken an initiative to devise a strategy to cushion possible external shocks to the country's export trade, officials said.While working out the strategy, they said, the government would consider the aftermath of the country's graduation from a least developed country (LDC) and the Covid-19 impacts.The commerce ministry has already started preparing an Export … Honourable Finance Minister Mr. A H M Mustafa Kamal, FCA, MP has said that graduation from the Least Developed Country status would be a matter of great honour and pride for the country. Bangladesh as an LDC: Graduation prospects and pathways 8. The book titled, ‘Bangladesh’s Graduation from the Least Developed Countries (LDCs) Group: Pitfalls and Promises,’ explores, inter alia: the issues of moving out of the LDC category; the structural transformation of Bangladesh’s economy and smooth transition after graduation; prospects, challenges and strategies related to Bangladesh’s “sustainable graduation”; and whether Bangladesh’s pursuit of the 2030 Agenda will facilitate a smooth transition after LDC graduation… Experts discussed the impacts and challenges of graduating from LDC status with the Daily Star. 4. Benefits of graduation from LDC status Tangible benefits: • Stronger human assets, improved economic structure to deal with market and natural disaster shocks. Bangladesh should defer the LDC graduation process considering the adverse impact of COVID-19 pandemic that has already turned the economy upside down, economists and businesses leaders said on Saturday.They said the policymakers should instead engage in the ongoing lobbying for further extension of the existing trade benefits that Bangladesh now enjoys as a least-developed country… Indeed, Bangladesh's graduating from the LDC is likely to face numerous challenges in integrating with the global economy because of the phasing out of benefits linked to LDC status. They said permanent graduation from the LDC status would be a recognition of real. 10, No. They also laid emphasis on the need to upgrade hard and soft business infrastructure; encouraging linkage industries and establishment of special economic zones and active … Upon graduation, those benefits phase out. The same would also apply to fiscally incentivising infant industries. Overview of LDC graduation since 1971 5. Bangladesh exports its pharmaceutical products to more than 100 countries, of … That means Bangladesh will enjoy the zero-duty benefit to the EU up to 2027 but for other countries, the tariff benefits will be withdrawn from 2024. Of this total global assistance, Bangladesh has received only 3 per cent. Securing a “smooth transition” to post-LDC status is always considered important by graduating countries, and Bangladesh is no exception to the challenge at stake. ... Recognising the disastrous impact of the COVID-19 pandemic, Bangladesh, together with three other LDCs in the list, has been given five years to navigate through the transition. Bangladesh will graduate from the Least Developed Country (LDC) group in 2026, a watershed moment for a young country. Therefore, it is important to ascertain how the loss of improving business climate and trade facilitation system for sustainable LDC. After graduation in 2024, there will be a grace period of another 3 years when Bangladesh can enjoy all LDC-specific benefits. Bangladesh stands to lose $7 billion in export earnings every year once it graduates into the developing country bracket in 2027 as the trade benefits it currently enjoys will be phased out then, a Planning Commission report says. benefits cannot be taken lightly, as the possibility of some adverse effects of graduation exists. Maintaining its position in all the three categories for the next six years will eventually lead towards graduating from the LDC … The probable impact of graduating to DC They said permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, although Bangladesh will face many challenges. Benefits of graduation from LDC status Tangible benefits: • Stronger human assets, improved economic structure to deal with market and natural disaster shocks. Bangladesh is set to meet the LDC graduation criteria for the second consecutive time and will be recommended for graduation during the upcoming triennial review of the Committee for Development Policy (CDP) of the United Nations in February 2021, according to a release from the Economic Relations Division (ERD) under the Ministry of Finance. Around 70 per cent of Bangladesh’s export is conducted under preferences given by some developed and developing nations under the LDC criteria. In addition, if finally Bangladesh able to meet required criteria for the graduation in 2024, there will be a grace period of another 3 years until when Bangladesh can enjoy all LDC-specific benefits. The Bangladesh government is keen to utilise this transition period to develop a comprehensive strategy for LDC graduation with a view to ensuring that the graduation costs in terms of loss of benefits are well understood and appropriate strategies and policies are in place to allow a smooth transition from LDC status. The United Nations Committee for Development Policy (CDP), in its 2018 review of the list of least developed countries (LDCs), found Bangladesh pre-eligible for graduation from LDC status in light of the country’s performance under the three criteria for identifying LDCs. Member of Bangladesh Trade & Tariff Commission Dr. Mostafa Abid Khan delivered a keynote presentation on Trade Related Challenges of Graduation and COVID-19 Pandemic. Consequently, Bangladesh will not be able to produce medicines on patent in Bangladesh after graduation from LDC status. benefits cannot be taken lightly, as the possibility of some adverse effects of graduation exists. Because income per capita is only one of the three criteria used for LDC graduation, LDC graduation does not mean … Meanwhile, the UNCDP said LDC trade benefits accorded to Bangladesh should continue for five years, not the usual three, due to the economic impacts of Covid-19. The country has developed significant trade-related capacity and adaptability, even withdrawal of GSP by the US. Currently, Bangladesh as an LDC enjoys zero-duty tariff benefits, preferential trade benefits and regional trade benefit on exports to 38 countries worldwide, 28 of which are within the EU. Bangladesh has met, for the second time, all the three criteria for graduating from the Least Developed Country (LDC) and if everything goes right, will finally be graduated in 2026. Bangladesh has stepped into a new journey as it qualified to graduate into a developing nation from a Least Developed Country (LDC) after 45 years. A: Graduation signifies partial progress toward the SDGs, since some of the LDC indicators can be found in the goals. However, graduated countries will continue to face challenges in pursuing the objectives outlined in Agenda 2030. Consequently it is. UN Programmes of Action in support of LDCs 7. Bangladesh is set to meet the LDC graduation criteria for the second consecutive time and will be recommended for graduation during the upcoming triennial review of the Committee for Development Policy (CDP) of the United Nations in February 2021, according to a release from the Economic Relations Division (ERD) under the Ministry of Finance. “Bangladesh will lose these facilities by 2027 with finally graduating from LDC.” Graduation from LDC has a more direct impact on financing for climate change adaptation as graduating countries lose access to LDC-specific funding sources, most notably the LDC Fund. Once the country graduates, all tariff benefits will be lifted. graduation. has chosen to shed off the least developed country (LDC) status and will inform the United Nations (UN) of this pronouncement officially on 15 November. Bangladesh needs to prepare for a smooth graduation … Difference with Middle Income Country category 6. Booming Bangladesh looks forward to LDC graduation October 30, 2017. LDC graduation will have the greatest impact on the exports of Bangladesh, which is estimated to see exports decline by 14%, said Razzaque. Overview of LDC graduation since 1971 5. So there are approximately 10 years for the country to prepare itself to start the new journey. Household out-of-pocket expenditure as percentage of total health expendi - ture in Bangladesh was more than 67 percent in 2015, and of which more than 75 per- Bangladesh will face many challenges. Only the European Union (EU) will allow the tariff benefits for Bangladesh for another three years as a grace period. It adds that the country is making good progress in preparing for a smooth transition strategy and plans for appropriate actions to address challenges posed by the LDC graduation and the impacts of the Covid-19. 2. Imtiaz Ahmed Sajal, 'Impact of Graduation from LDC Group on the Pharmaceutical Sector in Bangladesh' in The Pharma World, Vol. expected date of graduation. • Most tangible benefits of graduating from LDC status are realized prior to graduation through LDC-linked and LDC-status-guided technical and financial assistances from After that, it will lose the trade facilities it enjoys as an LDC. Bangladesh should defer the LDC graduation process considering the adverse impact of COVID-19 pandemic that has already turned the economy upside down, economists and businesses leaders said on Saturday.They said the policymakers should instead engage in the ongoing lobbying for further extension of the existing trade benefits that Bangladesh now enjoys as a least-developed … The Bangladesh govt. Poverty declined from 44 percent in 1991 to 15 percent in 2016, based on the international poverty line of $1.90 a day (using 2011 Purchasing Power Parity exchange rate). But those benefits will be lifted upon LDC graduation and replaced with tariffs, a development that would erode the price competitiveness of Bangladesh’s products in the global market. The end of access to the waiver after graduation means several things. However, “the phasing-out of benefits associated with the LDC status could present challenges for graduating LDC governments to integrate into [the] global economy,” the report argued. Speakers at a webinar on Monday stressed the need to focus on improving the business climate and trade facilitation system to ensure Bangladesh’s smooth and sustainable graduation from LDC status by 2026. Bangladesh has the strength to graduate despite the Covid-19 effects but the grace period should be extended so that the country can enjoy the preferential trade benefits. Policy reforms, aligned polices with the WTO directives, fiscal and non-fiscal benefits, domestic measures, equal treatment to the potential export oriented sectors, competitiveness, skill development and technological advancement are key to over the challenges of LDC graduation for Bangladesh, speakers urged in the 2nd Dialogue on “Challenges and Way forward on Export … When Bangladesh graduates from LDC (Least Developed Countries) in 2024, within 03 years it will lose duty-free (DF), most favourite nation (MFN), the generalized system of preferences (GSP), and all other LDC facilities, So different trade agreements along with joining the bloc would be essential to offset the impact of LDC graduation. They also advocated for the establishment of more fashion design institutes; raising … After the Economic Relations Department (ERD) sent a summary to the Prime Minister, she gave an instruction to start the graduation process. They said permanent graduation from the LDC status would be recognition of real development of the country and the living standards of the people, although Bangladesh will face many challenges. LDC graduation would have the greatest impact on the country’s exports, estimated at a 14-per cent decline, according to a World Trade Organisation document for 2020. The graduation to middle-income status On a per-capita income basis, Bangladesh has crossed the lower band of the middle-income status as defined by the World Bank last year. Benefits offered by LDC status and opportunities to be forgone consequent to graduation … After that, it will lose the trade facilities it enjoys as an LDC. According to the report, “at present 12 LDCs are at different stages of their path to graduation from LDC status.” A country is classified as a least developed country (LDC) by the United Nations (UN) based on its statuses of poverty, human resource weaknesses and economic vulnerabilities. The United Nations Committee for Development Policy (UN CDP) recommended the graduation in its final evaluation on Friday. Aside from an economic and governance disaster happening in the intervening period, nothing can deter Bangladesh's graduation to middle-income status in 2024. This report on the ‘trade impacts of LDC graduation’ WTO for an analysis of how graduating from LDC status will impact countries’ trade relations. They said permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, although Bangladesh will face many challenges. Re-publication from The Daily Star.. Bangladesh has attained considerable development progress in the past three decades. Bangladesh receives UN recommendation for graduation from LDC status after fulfilling the LDC graduation criteria for the second consecutive time. This graduation is … It has brought opportunities as well as challenges since Bangladesh will lose trade benefits in export destinations and lose competitiveness to its competitors following the graduation. • Bangladesh government has set a goal to reach in middle-income group by 2021 for which it has targeted the growth rate of GDP to be 7%. Upon graduation, those benefits phase out. Effects of graduation from LDC: Though developed countries are committed to provide 0.15 per cent - 0.20 per cent of their GNI as assistance to the LDCs, only 50 per cent of this commitment has actually been realised. Bangladesh has to maintain or exceed several other economic and social indicators over the next five years to be formally stripped of the LDC moniker. In addition, if finally Bangladesh able to meet required criteria for the graduation in 2024, there will be a grace period of another 3 years until when Bangladesh can enjoy all LDC-specific benefits. Difference with Middle Income Country category 6. LDCs are accorded special treatment in the WTO, in particular with regard to enhanced market access opportunities and policy flexibilities. It is to be mentioned that, following a solicitation by Bangladesh to prolong the period for LDC graduation on the ground of ill-effects of COVID-19, authorities had shifted the time to 2026 from 2024. Thus, addressing the DFQF loss-related fallouts—particularly in the EU market—has to be one of the core pillars of Bangladesh's transition strategy for LDC graduation. Q: Is LDC graduation the same as becoming a middle-income country? The virtual webinar on ‘LDC graduation: Challenges and Opportunities’ was organised by the Institute of Chartered Accountants of Bangladesh (ICAB) on Monday. Bangladesh, though, may continue to receive duty-free benefits on exports to developed and developing countries for longer than expected, as the United Nations Centre for Development Policy (UNCDP) could delay the country’s assessment for graduation from an LDC by 3-5 years. This has led it to enter a dual-graduation phase—moving out from low-income country to lower middle-income country group (World Bank classification) in 2015, and meeting all three criteria for exiting from the least developed country (LDC) group (United Nations classification) in 2018. The CDP will review Bangladesh’s progress in 2021, and the country’s official graduation from the LDC category will take place after another three-year transition period in 2024. The foreseeable graduation of Bangladesh creates three important needs: The remarkable socio-economic development in the last decade has made Bangladesh eligible for this graduation. UN Programmes of Action in support of LDCs 7. Among the LDCs, Bangladesh made the highest use of the trade benefits given by the developed and developing countries. Bangladesh, though, may continue to receive duty-free benefits on exports to developed and developing countries for longer than expected, as the United Nations Centre for Development Policy (UNCDP) could delay the country’s assessment for graduation from an LDC by 3-5 years. LDC GRADUATION: What it means for Bangladesh | The Daily Star It adds that the country is “making good progress in preparing for a smooth transition strategy and plans for appropriate actions to address challenges posed by the LDC graduation and the impacts of the COVID-19.” Bangladesh for graduation from the LDC category in 2024. They said permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, although Bangladesh will face many challenges. After LDC graduation, Bangladesh’s subsidy activities in agriculture would have to be more transparent and limited. Graduation from the LDC group would mean relinquishing a wide-variety […] 52|March-April 2018.pdf A new report, born out of a request by the LDC Group at the WTO, breaks down the impacts on a country’s trade and development cooperation landscape. Graduating from the LDC may also lead to the loss of access to the LDC Fund for Climate Change, which is a matter of grave concern for Bangladesh. A: Various UN entities provide specific support to LDCs during the graduation process. The UN system provides support to all graduating countries in the form of workshops to exchange experiences, build awareness, and propose transition strategies for graduation and beyond. May 21st, 2018 at 2:32 pm. Undoubtedly, upon LDC graduation, products made in Bangladesh will become more expensive to buyers and consumers in key export markets. Component Manager of SSGP and Joint Secretary Mr. Anwar Hossain delivered a keynote presentation on LDC Graduation Process and Initiatives of the Government. The United Nations Committee for Development Policy (CDP), in its 2018 review of the list of least developed countries (LDCs), found Bangladesh pre-eligible for graduation from LDC status in light of the country’s performance under the three criteria for identifying LDCs. Bangladesh … Helping Bangladesh make graduation a milestone of continued economic progress. Bangladesh has called on the international community for the continuation of international support measures for an extended period to make its upcoming graduation out of Least Developed Country (LDC) status smooth and sustainable.Bangladesh is set to meet the LDC graduation criteria for the second consecutive time and will be recommended The Committee for Development Policy (CDP) of United Nations (UN) has recommended Bangladesh’s graduation from the Least Developed Country (LDC) status for fulfilling its all three eligibility criteria for the second time alongside Nepal and Lao PDR, reports BSS. The CDP’s LDC Monitoring Report 2021 states that Bhutan will be graduating in 2023, coinciding with the end of the 12th Plan. With 12 least developed countries (LDCs) set to graduate in the coming years, clarity on what they should expect is a requirement. Bangladesh’s graduation progress will be reviewed by CDP in 2021 based on prepandemic data collected in 2019 and not that collected in 2020. As an LDC, Bangladesh also enjoys non-reciprocal benefits under the Generalised System of Preferences (GSP) schemes of various countries. A Smoother Trade Transition for Graduating LDCs. Benefits offered by LDC status and opportunities to be forgone consequent to graduation … The probable impact of graduating to DC LDC graduation: UNCDP says extended transition period will help B’desh address coronavirus’ impacts. • Most tangible benefits of graduating from LDC status are realized prior to graduation through LDC-linked and LDC-status-guided technical and financial assistances from That means Bangladesh will enjoy the zero-duty benefit to the EU up to 2027 but for other countries, the tariff benefits will be withdrawn from 2024. The benefits those Bangladesh will have after the graduating … A: No. Bangladesh is scheduled to officially become a developing country in 2026 as the UN committee recommended that the country should get five years, instead of three, to prepare for the transition due to the impact … Besides, special preferential access from different countries and trading partners will be reduced after transition period starts. The results show that the social cost of LDC graduation leads to a significant jump in insulin prices that could cause up to a 50 percent decline in households' welfare. Bangladesh has attained considerable development progress in the past three decades. Speakers at a webinar on Monday laid emphasis on upgrading hard and soft business infrastructures, encouraging linkage industries and establishment of special economic zones, and Active Pharmaceutical Ingredient park for smooth and sustainable graduation of Bangladesh from LDC status by 2026. It became eligible for graduation for the first time in 2018. https://cpd.org.bd/making-bangladeshs-ldc-graduation-smooth-and-sustainable Bangladesh as an LDC: Graduation prospects and pathways 8. They said the policymakers should instead engage in the ongoing lobbying for further extension of the existing trade benefits that Bangladesh now enjoys as a least-developed country. As a result, Bangladesh reached lower-middle-income status in 2015 and is on track to graduate from the UN’s Least Developed Countries (LDC) list in 2026. till 2027 to prepare itself for a smooth transition. For example, as an LDC, Bangladesh benefits from the most favourable regime under the EU's GSP facility and can export everything except arms to the European bloc free of duties and quotas. The graduation can be hailed as a milestone for Bangladesh and reflects the country’s sustained development in the socio-economic indicators. Also read: Bangladesh’s LDC graduation… They said permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, although Bangladesh will face many challenges. After the graduation Bangladesh will get 3 more years i.e. Jago News Desk Published: 27 February 2021, 02:21 PM. •Bangladesh will forego benefits accorded to LDCs in future trade negotiations. For nearly 50 years, the world’s “least developed countries” have received extra financial support and preferential trade treatment to help them grow and develop. Bangladesh should defer the LDC graduation process considering the adverse impact of COVID-19 pandemic that has already turned the economy upside down, economists and business leaders said on Saturday. With graduation, Bangladesh will no longer have access to such waiver. Graduation to developing nation: Bangladesh’s challenges in climate financing. The EU market (along with the UK market) currently accounts for about 62 percent of the country's apparel exports and nearly 56 percent of the total exports of the country. Currently, Bangladesh as an LDC enjoys zero-duty tariff benefits, … Securing a “smooth transition” to post-LDC status is always considered important by graduating countries, and Bangladesh is no exception to the challenge at stake. ... has recently qualified to be graduated to developing nation from the group of Least Developed Countries. With 12 least developed countries (LDCs) set to graduate in the coming years, clarity on what they should expect is a requirement. The Istanbul Programme of Action (PoA) for LDCs for the decade 2011-20 included an all-embracing objective of graduation of LDCs and their smooth transition to the rank of developing states. As a least-developed country (LDC), Bangladesh currently enjoys zero-duty benefits on its shipments to the EU, Canada, Australia and many other countries. LDC THOUGHTS The changing economic environment and perspectives associated with LDC graduation can open up new windows of opportunities that can actually help GRADUATION OF Bangladesh to take necessary steps with a fresh endeavor to become an upper middle-income country by 2031 and high-income country by 2041. Policy reforms, aligned polices with the WTO directives, fiscal and non-fiscal benefits and domestic measures are key to overcome the challenges of LDC graduation for Bangladesh, speakers said in a dialogue on “Challenges and Way forward on Export diversification of Bangladesh upon LDC graduation- A regulatory reform perspective”, organized by Dhaka Chamber of Commerce & Industry … A new report, born out of a request by the LDC Group at the WTO, breaks down the impacts on a country’s trade and development cooperation landscape. • Considering the average growth rate of 9.43% from 2007 to 2012 , the extrapolation suggests that Bangladesh could be able to reach the threshold level for graduation The CDP’s LDC Monitoring Report 2021 states that Bhutan will be graduating in 2023, coinciding with the end of the 12th Plan. development of the country and the living standards of the people, although. impact Bangladesh's insulin prices and their subsequent impacts on welfare and poverty upon LDC graduation. As a least-developed country, Bangladesh currently enjoys zero-duty benefits on its shipments to the European Union, Canada, Australia and many other countries. They said, permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, though Bangladesh will face many challenges. The meeting 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. If Bangladesh can keep its momentum with this achievement for two consecutive triennial review by CDP of 2021 and 2024, it is expected that, Bangladesh is going to be graduated from LDC in 2024. LDC graduation and WTO challenges 201 highly probable that the country will be recommended for graduation by the UN. Bangladesh ’ s sustained development in the Pharma World, Vol Manager of SSGP Joint. 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