News Flash
DHAKA, Feb 4, 2025 (BSS) - Commerce Adviser Sk Bashir Uddin today emphasized the urgent need to implement the Trade Facilitation Roadmap to address the challenges associated with Bangladesh's graduation from the Least Developed Country (LDC) status.
Bashir said this while speaking at the eighth meeting of the National Trade Facilitation Committee (NTFC) at the BIAM Foundation Multipurpose Hall in the capital today.
He also highlighted the critical role of capacity-building and underscored the necessity of enhancing efficiency and fostering a competitive mindset to navigate the post-LDC transition successfully.
The Ministry of Commerce organised the meeting with Sk Bashir Uddin in the chair, said a Commerce Ministry press release.
Lutfey Siddiqi, the chief adviser's special envoy for International Affairs, attended the meeting as a distinguished guest.
"We are set to graduate from LDC status in November 2026. This graduation will bring various regulations in the way of our exports. To mitigate the economic impact, enhancing our capacity is crucial. Enhancing competitiveness through skill development is our only viable option," the Commerce Adviser told the meeting.
He said Bangladesh has a timeframe until 2030 to make necessary adjustments. "I believe this is a considerable period. If we graduate in 2026, our working groups must work effectively to determine specific objectives."
Echoing with the Commerce Adviser, Lutfey Siddiqi stressed the need for a structured timeline for implementation. "We must strengthen our capabilities while simultaneously simplifying trade operations. Coordination and cooperation are keys to achieving our goals," he said.
Senior officials, including the Senior Secretary of the Ministry of Shipping, the Secretary of the Bridges Division, the Secretary of the Legislative and Parliamentary Affairs Division, the Secretary of the Posts and Telecommunications Division, and the Acting Secretary of the Ministry of Commerce, attended the meeting.
Chairman of the Bangladesh Trade and Tariff Commission, the Administrator of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Chairman of the Land Port Authority, Chairman of the Chattogram Port Authority, and the Vice-Chairman of the Export Promotion Bureau (EPB) were also present.
The Trade Facilitation Agreement (TFA) aims to liberalise trade by reviewing international trade regulations and procedures, thereby accelerating the movement of imports and exports.
Under the TFA framework, initiatives have been categorised into three groups-- A, B and C.
Bangladesh submitted a notification regarding the implementation of 21 initiatives of 'Category A' to the World Trade Organisation (WTO) on February 20, 2018.
The implementation of 18 initiatives under 'Category B' has already been completed, with notifications sent to the WTO in different times.
For 'Category C', the deadline for implementation is June 30, 2030. Of the 15 initiatives under this category, five have already been implemented while the notifications have already been sent to the WTO.
The operations of the remaining 10 initiatives are in progress.
