Commerce secretary Mahbubur Rahman on Tuesday said that the government was working to defer Bangladesh’s graduation from Least Developed Country status by three years, however, the prospects might be very narrow.

He revealed this while speaking at an event on Tuesday organised by the Research and Policy Integration for Development at the CIRDAP auditorium in the capital.

The event was titled RAPID Workshop for Journalists on Implications of US Reciprocal Tariffs & LDC Graduation: Concerns and Options for Bangladesh.’

‘We are working for a three-year extension of the LDC transition period and in this regard, we are consulting with experts and will make every possible effort,’ he added, saying that while the prospects are not very encouraging, there is still no reason to be completely disheartened.

He also said that delaying the LDC graduation would require a resolution to be passed at the United Nations General Assembly.

‘However, some of Bangladesh’s key development partners, including countries like Japan, Turkey, India, and the United States, do not favour the extension,’ he added.

He added that passing such a resolution became challenging. In the meantime, they were trying to engage with them for technical assistance instead.

During the event, RAPID chairman MA Razzaque presented a research report highlighting the potential impact of the United States’ reciprocal tariff on Bangladesh’s exports.

According to the report, Bangladeshi exports to the US could decline by up to 14 per cent over the next year due to the imposition of such tariffs.

The report also projected similar declines for other exporting nations, like China’s exports to the US could drop by 58 per cent, India’s by 48 per cent, Vietnam’s by 28 per cent, and Indonesia’s by 27 per cent.