<\/p>\n
The United Nations gave Bangladesh and Nepal three more years before they leave the Least Developed Nation category, allowing them to retain trade and financing benefits as both economies face pressures from global and domestic challenges.<\/p>\n
The General Assembly adopted the resolution without a vote on Thursday in New York, pushing their exit to November 2029, from later this year. The extension is intended to give both countries more time to prepare for the loss of benefits that come with their least developed country status.<\/p>\n
The decision is a reprieve for Bangladesh\u2019s garment industry, the backbone of its exports, which will continue to enjoy duty-free access to key markets such as the European Union for another three years. Business groups had warned losing the benefits next month could cost billions of dollars in exports while the delayed exit allows Dhaka to retain export subsidies and other benefits available to the poorest nations.<\/p>\n
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General Assembly President Khalilur Rahman said conflicts in the Middle East, disruptions to energy supplies and supply chains, global trade uncertainty and \u201cpersistent structural vulnerabilities\u201d had affected both countries.<\/p>\n
Bangladesh\u2019s new government, led by Prime Minister Tarique Rahman, sought the extension within days of taking office after his party\u2019s landslide win in February\u2019s election. The extension comes with conditions, with Bangladesh expected to make progress on economic reforms while Nepal must draw up a time-bound plan for its transition.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#delays #Bangladesh #Nepal #exit #developed #status<\/p>\n","protected":false},"excerpt":{"rendered":"
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