Bangladesh must use the LDC extension for lasting economic gains

Contributing sentiments towards policy:

62% : Given the economic and development losses caused by the Covid pandemic, the UN granted Bangladesh, Lao PDR and Nepal an exceptional five-year preparatory period to prepare for a smooth transition.
55% : Bangladesh needs to improve port and transport efficiency, reduce production delays, strengthen labour and environmental standard compliance, and help firms shift towards higher-value product manufacturing.
53% : On Thursday, the United Nations General Assembly (UNGA) approved a three-year extension for Bangladesh to prepare for graduation from the Least Developed Country (LDC) category, rescheduling it for November 24, 2029.
43% : Bangladesh also needs to reform import taxes.
42% : The government depends heavily on these taxes, but high duties and additional charges can raise the cost of raw materials and machinery for exporters, increasing production costs and making it harder to compete abroad.
40% : The government must strengthen income tax and VAT collection, broaden the tax base, and improve tax administration to ensure that reduced reliance on trade taxes does not undermine essential public spending.
37% : Now the country has more time to strengthen its preparations to continue retaining international support and trade benefits that LDCs get.
36% : During the preparatory period, some international support and trade benefits associated with the LDC status may continue under the applicable rules, but their nature and duration will vary across markets.

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