Bangladesh to graduate from LDCs in March: Tofail

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PV Desk : Commerce Minister Tofail Ahmed today said Bangladesh will graduate from the least developed countries (LDCs) in March this year.

“Bangladesh has already complied with the three criteria to become a developing country,” said the minister after a view exchange meeting with the former director general of WTO Pascal Lamy at the secretariat.

To become a developing nation, any country has to comply with the criteria — per capita income, human assets index and economic vulnerability index of United Nation Economic and Social Council (ECOSOC). Per capita income of Bangladesh rose to $ 1,610 while human assets 70 percent and economic vulnerability 26 percent.

The commerce minister hoped the ECOSOC will announce Bangladesh’s graduation from the LDCs in its next evaluation meeting in March.

“So, Bangladesh will be turned into a developing nation in 2021 when the country will celebrate its 50 years of independence,” he added.

Mentioning that the European Union (EU) has been providing Bangladesh GSP facilities under every things but arms, as the member of LDCs, Tofail expected that after the graduation they (EU) will offer GSP plus facility.