Get ready for gradual end of LDC-specific support: Tipu Munshi

Bangladesh should start preparing for the gradual withdrawal of international supports as the country is set to graduate from the group of least developed countries, Commerce Minister Tipu Munshi said yesterday.

The country should move towards signing of free trade agreements (FTAs) or preferential trade agreements (PTAs) to cope with the post-graduation scenario, he said.     

He was addressing a virtual workshop on "Effective Partnership with the Private Sector for Sustainable Graduation". The Support to Sustainable Graduation Project of the Economic Relations Division (ERD) organised the event.

The graduation is likely to create new dynamics in international trade and businesses due to the loss of LDC-specific supports, speakers said.

"Likewise, we would be able to adjust very well with the upcoming dynamics," said Finance Minister AHM Mustafa Kamal.

The minister called on the private sector to enhance research and development capacity to cope with the upcoming Fourth Industrial Revolution and the LDC graduation.

ERD Secretary Fatima Yasmin said the government would prepare a smooth transition strategy in consultation with the stakeholders, including the private sector to grab the opportunities and cope with the challenges of graduation. 

Abdur Rouf Talukder, senior secretary of the finance division, emphasised intensifying skills development programme to increase the productivity of the workforce.

He called for necessary improvement of the education system, providing special incentives to explore new export markets, extending support to start-ups, and improvement of the country's position in the Ease of Doing Business ranking. 

Commerce Secretary Md Jafar Uddin said the government was in talks with many countries to ink FTAs or PTAs.

Sheikh Fazle Fahim, president of the Federation of Bangladesh Chambers of Commerce and Industries, stressed on effective involvement of the private sector in the formulation of transition strategy.

Zuena Aziz, principal coordinator for SDG affairs at the Prime Minister's Office, presided over the workshop.