As we gear up to soon graduate from our least developed country status, now is the time to focus on strategies to ensure that our development continues at a steady pace after the shift.
To that end, it is extremely encouraging to know that our government is actively initiating conversations with other countries to establish free trade agreements. As per Prime Minister Sheikh Hasina herself, discussions with 11 different countries are currently ongoing on the matter of free trade agreements -- something that will prove to be a catalyst for our further growth.
Bangladesh has enjoyed tariff exemptions on exports to developed countries over the years, as an incentive provided to least developed countries. While it is no doubt a major achievement for us to no longer be classified in that category, the loss of such perks could be a hindrance to the impressive growth rate we have demonstrated so far.
As such, free trade agreements with other nations will guarantee stronger trade and bilateral ties, and eliminate certain barriers to trade that may impact our export numbers.
Our economy relies heavily on exports, especially from the garments sector, and it is vital not only for our exports to grow after our graduation in 2026, but also for us to diversify our export basket and explore all opportunities available to us for increased benefits.
We have, so far, made strategic moves to establish our name as a rapidly developing nation, and in order for us to continue becoming the country we surely have the potential and resources to become, timely actions like these are imperative.
