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Bangladesh expects its request for a three-year extension of its graduation from the least developed country (LDC) category to receive final approval at the 81st session of the United Nations General Assembly, Commerce Minister Khandakar Abdul Muktadir said on Wednesday.
He made the remarks while speaking as the chief guest at a seminar titled “Halal Product Market in ASEAN: Opportunities for Bangladesh” at the Bangladesh Institute of International and Strategic Studies (BIISS) auditorium in Dhaka.
The minister said Bangladesh had applied to the United Nations for a three-year extension of its LDC graduation and that two stages of the process had already been completed.
He expressed hope that the request would receive final approval during the first session of the 81st UN General Assembly.
After the three-year extension, Bangladesh will graduate from the LDC category and become a developing country, Muktadir said. He stressed that securing continued access to global markets would be crucial to ensuring a smooth transition.
Highlighting government initiatives to secure preferential market access, the minister said Bangladesh had started negotiations on an Economic Partnership Agreement with Japan. The government has also recently signed an Economic Partnership Agreement with South Korea.
Indonesia has expressed interest in signing a Free Trade Agreement (FTA) with Bangladesh, while the government is also looking to pursue FTAs with Indonesia and Malaysia, he said.
Negotiations on FTAs are also underway with 10-12 other countries, while formal discussions with the European Union are expected to begin in about a month, according to the minister.
On the investment climate, Muktadir said investors primarily want to know whether Bangladesh has preferential or favourable access to international markets.
“An important way to secure such market access is through free trade agreements,” he said.
Speaking about halal certification by the Bangladesh Standards and Testing Institution (BSTI) and the Islamic Foundation, the minister said a proposal to establish an independent halal certification agency was worth considering.
He also said allegations of additional charges for halal testing would be investigated.
The government is working to increase exports by ensuring adequate investment, creating a favourable investment environment and improving access to energy, Muktadir said.
BIISS Director General Major General ASM Ridwanur Rahman delivered the welcome address, while BIISS Research Director Dr Mahfuz Kabir presented the keynote paper.
Islamic Foundation Deputy Director of the Halal Certification Division and livestock expert Akhtar Hossain and BSTI Deputy Director of the Halal Certification Division SM Abu Sayeed also spoke at the seminar.
