Bangladesh needs preferential trade terms beyond 2026, PM Hasina says

[Black_cats]

Bangladesh needs preferential trade terms beyond 2026, PM Hasina says​

Sheikh Hasina seeks smooth transition from 'least developed' to 'developing' status

Bangladesh Prime Minister Sheikh Hasina addresses Nikkei's Future of Asia forum with a video message on May 27.

SHOICHIRO TAGUCHI, Nikkei staff writerMay 27, 2022 15:25 JST

TOKYO -- Bangladesh last year gained United Nations recognition to move from "least developed country" (LDC) status to "developing country" in 2026, although Prime Minister Sheikh Hasina is asking for extended assistance from OECD countries beyond that time frame.

"We have urged through the U.N. mechanism to our friends and partners to consider extending preferential facilities to Bangladesh for an extended period beyond 2026," Hasina said in a prerecorded speech during Nikkei's Future of Asia conference on Friday.

"We would deeply appreciate if Japan and other OECD countries do it at least till 2029 to help us to attain the overarching goals of sustainable development by 2030," she said.

Bangladesh, one of the fastest growing economies of the Asia-Pacific region, met the targets to move above LDC in 2018.

After the second review in February 2021, the U.N. recommended an official change in status in 2026. Such a move will improve the country's image, and mark a major milestone given that last year was only Bangladesh's 50th anniversary of independence from Pakistan.

On the other hand, the removal of LDC status also has some disadvantages. For example, Bangladesh will lose special preferential treatment in export tariffs. "We are already taking various measures for a smooth graduation," she said.

The country is looking for free-trade agreements with several countries and is "open to negotiating FTA and [the] Comprehensive Economic Partnership Agreement (CEPA) with other countries including Japan."

The Future of Asia is Nikkei's flagship annual conference. This year's theme is "redefining Asia's role in a divided world." The annual event opened on Thursday with addresses from Singapore Prime Minister Lee Hsien Loong, Malaysian Prime Minister Ismail Sabri Yaakob, Thai Prime Minister Prayuth Chan-ocha and others. Read our full rundowns of Day 1 and Day 2.

Bangladesh needs preferential trade terms beyond 2026, PM says

Sheikh Hasina seeks smooth transition from 'least developed' to 'developing' status

asia.nikkei.com

 

[Destranator]

Stop with this incessant begging and start negotiating trade deals mano a mano.
Begging for extended concessions is just the government’s lazy way of buying time for incompetent trade and foreign affairs ministers and bureaucrats.

 

[bluesky]

When our [great armchair economist USER=35855]@Black_cats[/USER] claims BD will become a $1 trillion GDP in 2030, the PM is begging OECD countries to extend preferential trade terms beyond 2026 and to 2029.

Hasina Bibi is in deep trouble after continuously falsifying the GDP data. Now, when the UN accept a Developing status, BD will lose many special facilities. This has alarmed her. Because our main exports of garments will suffer without preferential treatment.

 

[BananaRepublicUK]

When our [great armchair economist USER=35855]@Black_cats[/USER] claims BD will become a $1 trillion GDP in 2030, the PM is begging OECD countries to extend preferential trade terms beyond 2026 and to 2029.

Hasina Bibi is in deep trouble after continuously falsifying the GDP data. Now, when the UN accept a Developing status, BD will lose many special facilities. This has alarmed her. Because our main exports of garments will suffer without preferential treatment.

You can have a one trillion economy and still beg for trade concessions

These are not mutually exclusive choices.

Albeit, I prefer FTAs with everyone.

 

[mmr]

lol so much for industrial power house..better need those ldc benefits to sell cheap underwear...paying 100 dollar slave salary to poor bd ppl not enough for sweatshop of owners....to keep running the business...need all the handout it can get from foreign govt as well.

 

[Black_cats]

When our [great armchair economist USER=35855]@Black_cats[/USER] claims BD will become a $1 trillion GDP in 2030, the PM is begging OECD countries to extend preferential trade terms beyond 2026 and to 2029.

Hasina Bibi is in deep trouble after continuously falsifying the GDP data. Now, when the UN accept a Developing status, BD will lose many special facilities. This has alarmed her. Because our main exports of garments will suffer without preferential treatment.

Asking for three year extension is not a very big deal considering pandemic and present world wide economic condition.

India is a trillion dollar economy but still gets benefit. There are many examples that can be found. So what trillion dollar economy has to do with the 3 year extension request.

 

[fallstuff]

lol so much for industrial power house..better need those ldc benefits to sell cheap underwear...paying 100 dollar slave salary to poor bd ppl not enough for sweatshop of owners....to keep running the business...need all the handout it can get from foreign govt as well.

You must be talking about Super Power India !

 

[bluesky]

Asking for three year extension is not a very big deal considering pandemic and present world wide economic condition.

India is a trillion dollar economy but still gets benefit. There are many examples that can be found. So what trillion dollar economy has to do with the 3 year extension request.

A big India with quite an industrial base is still a $2.8 billion economy. And you profess a small BD to achieve a $1 trillion economy by 2030. Keep on dreaming.

A trade concession is reciprocal between countries. But, Hasina Bibi is crying for one way trade concession.

Better, ask Hasina Bibi to stop fabricating the GDP data so as the developed countries can listen to Hasina crying on behalf of an underdeveloped BD.

BD is not to become a developing country without investing in industries. BD is a hollow economy without industries and this is the reason why it remains a beggar asking donations for doing every tiny thing. It is a shame.

 

[Wergeland]

A big India with quite an industrial base is still a $2.8 billion economy. And you profess a small BD to achieve a $1 trillion economy by 2030. Keep on dreaming.

A trade concession is reciprocal between countries. But, Hasina Bibi is crying for one way trade concession.

Better, ask Hasina Bibi to stop fabricating the GDP data so as the developed countries can listen to Hasina crying on behalf of an underdeveloped BD.

BD is not to become a developing country without investing in industries. BD is a hollow economy without industries and this is the reason why it remains a beggar asking donations for doing every tiny thing. It is a shame.

Sigh you are comparing a 1,3 billion strong nation with BD. If anything India should be ashamed of how small its GDP is compared to its population size and territorial lands.

India been beefed up by western strategic balancing for over 2 decades and still China (which is the right measure stick) is a 18 trillion dollar economy.

Add to that BD as a state didnt really stabilize before the end of 1980’s, so practically India had a 40 year head start.
Still BD GDP Per Capita is larger than India.
Thats the factcs.

There is no magic trick to suddently become indistrialized. It takes time and effort.

 

[mmr]

You must be talking about Super Power India !

No i am talking about bd sweatshops ...that keep whinning for govt handouts and ldc facilities.

 

[bluesky]

Sigh you are comparing a 1,3 billion strong nation with BD. If anything India should be ashamed of how small its GDP is compared to its population size and territorial lands.

India been beefed up by western strategic balancing for over 2 decades and still China (which is the right measure stick) is a 18 trillion dollar economy.

Add to that BD as a state didnt really stabilize before the end of 1980’s, so practically India had a 40 year head start.
Still BD GDP Per Capita is larger than India.
Thats the factcs.

There is no magic trick to suddently become indistrialized. It takes time and effort.

India will shortly ask Mustafa to teach its officers how to fabricate GDP data. India has many mills and factories that produce many value-added goods.

How about BD? What manufacturing base does it have? Almost zero. So, Mustafa will teach India how to raise the GDP figures to $10 trillion.

 

[Black_cats]

India will shortly ask Mustafa to teach its officers how to fabricate GDP data. India has many mills and factories that produce many value-added goods.

How about BD? What manufacturing base does it have? Almost zero. So, Mustafa will teach India how to raise the GDP figures to $10 trillion.

% of contribution to GDP from industries is higher in Bangladesh than India.

India will be around 6 trillion+ usd economy by 2030. It doesn’t require fabrication.

For info PPP basis Bangladesh already a trillion dollar economy.

 

[Wergeland]

India will shortly ask Mustafa to teach its officers how to fabricate GDP data. India has many mills and factories that produce many value-added goods.

How about BD? What manufacturing base does it have? Almost zero. So, Mustafa will teach India how to raise the GDP figures to $10 trillion.

Its not BD Governments that makes those statistics. Its ADB, IMF and World Bank you have to have a word with.

 

[fallstuff]

No i am talking about bd sweatshops ...that keep whinning for govt handouts and ldc facilities.

You gotta be real devoid of any brain cells not to leverage an opportunity.
Indians are always looking up opportunity for H1 and what not Visa, point is if you can get something, why would you not avail it ?
My cat would even understand that !

 

[BananaRepublicUK]

lol so much for industrial power house..better need those ldc benefits to sell cheap underwear...paying 100 dollar slave salary to poor bd ppl not enough for sweatshop of owners....to keep running the business...need all the handout it can get from foreign govt as well.

There are only two choices on offer for people with only rudimentary education:

1. Leave them on the scrap heap disgruntled and causing social discord through hate and crime. You see that from India to USA.

2. Give them gainful employment, albeit on poverty wages, because that’s what their skill sets elicit. Keeping them out of trouble - which gives their children a chance to better themselves eventually.

Just whining constantly about poverty wages - like you will ever pay them above average wages out of your own pocket.

It’s due to these policies that Bangladesh was able to avoid a covid genocide unlike India. Where the poor were abandoned on the streets by the heartless and genocidal Modi.

Bangladesh is recognised as a role model for poverty alleviation even US presidents like Clinton and Obama have sought out advice on how to tackle problems in their Deep South.

You are parroting the lines of pious US libs who pay poverty wages to their illegal maids!

@UKBengali
@Black_cats
@Homo Sapiens
@bluesky
@Bilal9