Bangladesh has demanded duty waivers on its products for 10 to 12 years past its graduation from a least developed country (LDC) to a developing one in 2024.

Bangladesh has been lobbying with international communities, like the LDC group of the World Trade Organization (WTO), for the waiver, as the country's economy, exports, supply chains and employment have been severely damaged from the fallouts of the Covid-19.

Bangladesh will graduate to a developing country in 2024 as the country proved its eligibility in all three prerequisites set by the UN Committee for Development Policy (UN CDP).

The three prerequisites are on gross national income, human assets index and economic vulnerability index. Next year the UN CDP will assess the country's graduation requirements again.

Last month, the commerce ministry sent a letter to the European Union (EU) for the continuation of the Generalized System of Preferences (GSP) under its Everything but Arms (EBA) initiative for 10 more years following the graduation. Bangladesh has been enjoying the zero-duty benefit to the EU under the EBA since it gained independence in 1971.