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LDC graduation requirs productive capacity, says envoy

  • Diplomatic Correspondent
  • 22 October, 2021 12:00 AM
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LDC graduation requirs productive capacity, says envoy

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Bangladesh’s UN envoy Rabab Fatima has said that productive capacity building and structural transformation in the LDCs can play an instrumental role in ensuring their sustainable graduation.

She said this while addressing joint meeting of the Second Committee of the General Assembly and the Economic and Social Council of the UN on Wednesday.

Highlighting the disproportionate impacts of the COVID-19 pandemic on the LDCs, she stressed the importance of multilateral partnership and adequate resources to build productive capacities in the LDCs. She said that growing vaccine divide is pushing back the LDCs further. 

While the developed countries are nearing full vaccinations, the rate of vaccination in LDCs is less than 2percent. The transfer of vaccine technology to the LDCs is seen as the most effective way to closing this gap.

Putting a sharp spotlight on the inter-linkages between productive capacities and trade, the Bangladesh Permanent Representative to the UN called for full DFQF market access for the LDCs to ensure their fair share of global trade.

She added that the special and differentiated trade benefits should be extended to the graduated countries for a period of at least 12 years to prevent any slide black.

To move to the next level of development echelon, she said, “LDCs need an incentives based support structure of policies and strategies to boost an inclusive process of structural transformation. In turn, this will ensure their graduation with momentum. This is the aspiration of all LDCs, and that should also be the goal of international community, and development partners.”

The Joint Meeting this year was held with the theme “Building productive capacities in Least Developed Countries (LDCs), Landlocked Developing Countries (LLDCs), Small Island Developing States (SIDS) as well as  Middle-Income countries (MICs) for more resilient recovery and sustainable development in the post-COVID-19 era” to explore the opportunities, challenges, investments and cooperation that are needed to build productive capacities in these countries.

Ambassador Fatima is now the Co-Chair of the LDC5 Preparatory Committee meeting along with Ambassador Robert Rae, Permanent Representative of Canada to the United Nations.