Speakers: Better negotiation abilities key to accomplishment after LDC graduation

As a developing country, after 2026, readymade garment (RMG) and other key export sectors will have to face different duty and non-duty methods in the international marketplace, speakers say

Authorities on Saturday said that better negotiation skills, diversification, improved competitiveness, and institutional capacity building are key to economic victory after Bangladesh graduates from a good least developed region (LDC) to a developing one.

They made the decision at a webinar titled “LDC Graduation of Bangladesh: Journey towards Economic Excellence” organized by the Dhaka Chamber of Commerce and Industry (DCCI).

Principal Secretary to the Primary Minister Ahmad Kaikaus joined the webinar as the principle guest while Economic Relations Division Secretary Fatima Yasmin and Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Md Jashim Uddin attended as special guests.

Speaking at the function, Dhaka Chamber of Commerce and Market (DCCI) President Rizwan Rahman stated it was the right period to increase trade and investment along with adopt long-term strategic setting up and their effective execution to strengthen Bangladesh’s standing in the international arena after LDC graduation.

“Bangladesh’s identity as a good developing nation found in the international arena will uphold the competitiveness of the country which will have us to a larger height and will donate to boosting export and FDI,” he said.

As a developing country, after 2026, readymade garment (RMG) and other main export sectors must face different duty and non-duty actions in the international marketplace.

Considering this certainty, Rizwan requested the government to body a roadmap to chalk out required preparations from the exclusive sector and policy measures to widen the export market of traditional and non-traditional items.

He as well urged framing an overview to attract foreign direct expenditure (FDI) and increase investment-GDP and tax-GDP ratios.

“Moreover, emphasis ought to be given in regional connection including signing PTAs and FTAs, especially with those countries Bangladesh includes a trade imbalance with,” added the DCCI president.

It really is appreciable that federal government gets the vision to boost the contribution of CMSME sector to the economy up to 32% by the entire year 2024, he further said.

Ahmad Kaikaus said that LDC graduation for Bangladesh is going to be a milestone.

“We must mainly focus about how to become competitive. The function of the federal government is to remove barriers,” he added.

“Bangladesh is a property of 165 million persons as a result we have a major market of our own. The more the united states will compete, the less will be the expense of funds,” he additional said.

He as well said that Bangladesh must explore regional and Asian market segments.

Kaikaus cited an example that being a developing country, China is dominating community trade, as a result there is no reason to be scared of Bangladesh graduating from the LDC status.

The entrepreneurial capacity of Bangladeshi people is the strength needed to overcome all hurdles, he said.

ERD Secretary Fatima Yasmin explained that as per the 8th five-year plan, the part of the private sector is approximately 81% throughout the market.

“LDC graduation will boost our resources and boost the self-assurance of our entrepreneurs. It may have a few problems but the federal government is taking required preparations. We might indeed lose duty-free, quota-free access, specialized waivers, and preferential treatment. However the EU gives us preferences till 2029.

“Besides, we need to best capitalize the existing benefits within the next five years. Additionally, after graduation, the federal government is planning to negotiate with the WTO for offering us preferences for another 12 years after 2026. For signing PTA and FTA, the federal government is in debate with 11 countries,” she added.

She also stressed merchandise diversification, skill production, high-value merchandise, 4IR technological preparedness, new market exploration, increasing competitiveness, and negotiation skills.

FBCCI President Md Jashim Uddin said that to be competitive after LDC graduation, Bangladesh has to strengthen its backward linkage industries.

“The knit and woven sector want value addition to attract local and foreign investments,” he said, urging for quicker implementation of special economical zones (SEZs).

He also underscored the value of engaging the individual sector found in the implementable insurance policy framework.

Barrister Nihad Kabir, president of the Metropolitan Chamber of Commerce and Sector (MCCI), said LDC graduation is an opportunity for Bangladesh.

“We may think of losing a few rewards, but in the long go, we are benefited a whole lot. Yes, you will see challenges, if the federal government and private sector could work together, Bangladesh can gain a whole lot,” she said.

She also urged the federal government to boost negotiation skills.

Nihad likewise stressed researching with the aid of international specialists and practitioners.

He as well underscored the value of engaging the individual sector found in the implementable insurance policy framework.

Barrister Nihad Kabir, president of the Metropolitan Chamber of Commerce and Market (MCCI), said LDC graduation can be an opportunity for Bangladesh.

“We may think about losing a few rewards, however in the long go, we are benefited a lot. Yes, you will see challenges, but if the federal government and private sector could work together, Bangladesh can gain a lot,” she said.

She also urged the government to boost negotiation skills.

Nihad as well stressed researching with the help of international authorities and practitioners।