Dhaka Chamber of Commerce and Industry (DCCI) recommended reforming industrial compliance to address the challenges after Bangladesh’s graduation from the least-development country (LDC).
In a statement on Monday, DCCI said the graduation will generate ample of opportunities as well as challenges in the areas of industrial compliance, IPR standard and TRIPS agreement.The IPR stands for intellectual property rights and the TRIPS goes for trade related aspects of intellectual property rights.
The graduation from LDC to developing country will make a paradigm shift in Bangladesh as private sector would be more competitive apart from soaring foreign investment, said the trade body.
To overcome the challenges and smooth transition of Bangladesh until 2026, DCCI recommends government to sign free trade agreements and preferential trade agreements with potential countries and regional trade agreement with potential economic blocs, take preparation to implement the terms and conditions of TRIPS agreements.
According to the chamber, the credit rating and worthiness of Bangladesh businesses will be elevated.
It said the DCCI feels honoured as Bangladesh received the prestigious recognition in the year of golden jubilee of the country’s independence and birth centenary of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
“And, this recognition was achieved with the frontier and dynamic leadership of Prime Minister Sheikh Hasina, through tremendous progress in all aspects of socio-economic state of the country during the last decade,” added the DCCI statement. DCCI welcomes the graduation mentioning that Bangladesh even in the tough time during the pandemic, managed to sustain its economic growth and balance the live and livelihood to a large extent.“As a middle income country, Bangladesh will compete with other similar countries in the export market as well experience erosion of preferences and privileges in the export market, loss of subsidy in various home-grown infant industries,” it said.
To address the new challenges after graduation, DCCI further recommended for establishing high-value product design and innovation centres with disruptive technology and international quality assurance certification.
It also stressed new market development, especially in the Southeast Asia, Africa, necessary policy and institutional reforms to increase private and foreign investment.
It said modernization, automation of revenue structure for higher Tax to GDP ratio and efficient supply chain and logistics infrastructure are also to be focused.
In last week of February, United Nations Committee for Development Policy (UN-CDP) recommended Bangladesh's graduation from LDC which is expected to get final approval at the UN general meeting this year.
Bangladesh has met, for the second time, all three eligibility criteria for graduation involving income per capita ($1,827 against the threshold $1,230), human assets index (75.3 points out of 66), and economic vulnerability index (27.3 point less than 32).