Bangladesh has become known as a hub of the garment manufacturing industry.

The United States is the second largest market for Bangladesh's readymade garment products.

Countries like Canada and Japan, from outside the EU bloc, also look to Bangladesh as a potential sourcing country for their readymade garment imports.

As a least developed country, Bangladesh enjoys many facilities offered by advanced economies.

One such facility is the GSP offered by the European Union. This scheme makes rooms for the export of Bangladeshi garment products with no or little tariff to EU countries.

Graduation to the group of developing countries is important, but what's more important is the consolidation of the position. Bangladesh made a mistake in depending too much on the WTO route for having market access. A country like Vietnam that liberalised its economy much later than Bangladesh has already negotiated more than a dozen free trade agreements, whereas Bangladesh has not signed a single one.

Unless it becomes a partner with other economies, Bangladesh will not receive the expected investment - be it from within or without.

Bangladesh can and should negotiate its own free trade agreements with trading partners and other interested countries.

Without a growth rate of 7.5 per cent or beyond, it cannot expect to consolidate its position as a developing country within the stipulated time.