There is a necessity to maintain a competitive edge in the garment industry after Bangladesh officially graduates from the least developed country (LDC) bracket.
This was informed by Commerce Minister Khandakar Abdul Muktadir in a statement after a meeting with New Zealand’s non-resident High Commissioner David Pine.
He also emphasised the need to continue preferential access to international markets as extremely important. Bangladesh is scheduled to graduate from the LDC category on Nov 24, 2026.
“New Zealand has expressed interest in continuing duty-free and preferential market access even after Bangladesh’s graduation to a developing country,” the statement quoted Muktadir as saying.
“The commerce minister added that a rapid investment growth and job creation were most essential for making Bangladesh’s LDC graduation successful,” BD News 24 informed.
Highlighting the government’s initiatives to ease doing business, he said New Zealand investors could benefit by investing in Bangladesh’s “promising sectors”.
David Pine said New Zealand was giving special importance to ensuring that Bangladesh’s existing duty-free and preferential market access facilities are not disrupted after its graduation from LDC status.
Last month, Bangladesh’s Permanent Representative to the United Nations Salahuddin Noman Chowdhury sought an extension of the transition period from LDC status.
As an LDC, Bangladesh currently enjoys duty-free and quota-free access to European export markets. Those benefits will no longer remain after graduation to a developing country.
Image courtesy: Tai Chinh
