Foreign affairs adviser Md Touhid Hossain on Monday emphasised that Bangladesh鈥檚 graduation from the Least Developed Countries category should proceed as scheduled in 2026, without seeking any deadline extension.
鈥楴either the government nor the business community has adequately prepared for the transition, but we must move forward,鈥� he said while addressing a seminar at the Economic Reporters Forum (ERF) auditorium in the capital.
The seminar titled 鈥業mportance and Prospects of Cotton Cultivation in Bangladesh for Saving Foreign Currency鈥� was jointly organized by Economic Reporters Forum, Bangladesh Cotton Association (BCA), Bangladesh Cotton Ginners Association (BCGA), and Bangladesh Sudan Cotton Ginning Industries (BSCGI) at ERF Auditorium in the capital.聽
Touhid pointed out that Bangladesh would have a three-year grace period until 2029 after its graduation, allowing the business community time to adapt.聽
He added that the European Union had already provided guidelines to the foreign ministry on securing GSP+ trade facilities post-graduation.
During the seminar, the foreign adviser announced the government鈥檚 plan to declare cotton as an agricultural product and implement measures within two months to boost domestic production.
He stressed the need for policy support to enhance local cotton cultivation, noting that substituting tobacco with cotton could benefit both farmers and the national economy.
Touhid also touched on the country鈥檚 cotton imports, mentioning that Bangladesh is exempt from US tariffs on cotton exports and hinted at the possibility of importing cotton from the United States.
Regarding Bangladeshi expatriates in Oman, the adviser said initiatives were underway to ease passport-related complications, with expectations that these measures would reduce complexities by half.
National Board of Revenue (NBR) Member Moazzem Hossain, Cotton Development Board Executive Director Dr. Fokre Alam Ibn Tabib, Bangladesh Cotton Ginners Association (BCGA) General Secretary Golam Saber, among other were present.
