File Photo

DHAKA, March 30, 2026 (BSS) - Bangladesh has urged the European Union (EU) to extend the preparatory period for its graduation from the Least Developed Country (LDC) category by an additional three years to safeguard export competitiveness and ensure a seamless economic transition.

The proposal was placed during a high-level bilateral meeting held on Sunday; on the sidelines of the 14th WTO Ministerial Conference (MC14) in Yaound‚, Cameroon, said a press release here today.

The discussions centered on deepening the strategic economic partnership, strengthening trade and investment cooperation, and addressing the specific challenges associated with Bangladesh's upcoming LDC graduation.

The Bangladesh delegation was led by Commerce Minister Khandaker Abdul Muktadir, who was accompanied by Commerce Secretary Mahbubur Rahman and senior officials from the Ministry of Commerce. 

The EU side was headed by Commissioner Maros Sefcovic, supported by Trade Director-General Sabine Weyand and other high-ranking representatives.

In his speech, Muktadir reiterated Dhaka's firm commitment to strengthening the bilateral economic partnership.

 He noted that the new government is taking visionary steps to further integrate Bangladesh into global value chains and improve the business environment to accelerate sustainable trade-led growth.

The Minister requested a three-year extension of the preparatory timeframe.

 He underscored that this additional period is vital for Bangladesh to maintain its export competitiveness in international markets and to mitigate potential economic risks and shocks that could arise during the graduation process.

To secure long-term trade stability, the Commerce Minister urged the EU to initiate negotiations for a Free Trade Agreement (FTA), highlighting the EU's status as a primary destination for Bangladeshi readymade garments. 

He presented this request as part of Bangladesh's expanding trade footprint and proactive economic diplomacy. 

The Minister highlighted the nation's progress in diversifying trade relations by citing the completed Economic Partnership Agreement (EPA) with Japan alongside ongoing negotiations for trade agreements with South Korea, Singapore, and the United Arab Emirates

He provided comprehensive updates on the nation's significant progress in labor sector reforms. 

He informed the EU representatives that Bangladesh has achieved notable milestones in alignment with International Labour Organization (ILO) guidelines. 

He further announced that the revised labour law is set to be enacted soon, demonstrating the government's firm commitment to maintaining a sustainable, compliant, and transparent trade environment.

In response, Commissioner Sefcovic provided positive assurances regarding Bangladesh's request for an extension of the LDC transition period. 

He praised the progress made in labour law reforms and recognized the government's efforts to improve the business climate. 

Regarding the proposal for a bilateral FTA, the Commissioner stated that the EU would evaluate the matter following its internal procedures and necessary assessments.

Notably, the EU side emphasized the necessity of balanced engagement and a transparent trade environment as the partnership evolves.

The meeting concluded with both parties reaffirming their shared commitment to fostering a fair, transparent, and non-discriminatory trade environment. 

Bangladesh pledged to ensure equitable treatment for all trade partners. 

Both sides agreed to maintain close contact and continue active discussions on trade, investment, and ongoing reform activities to further strengthen the strategic partnership.