Bangladesh: Developing Nation Status

Bangladesh: Developing Nation Status

Part of: GS- Prelims and Main GS-II: International Relations

Context: India congratulated Bangladesh on the country’s transition from a less-developed country to a developing nation status.

• The two countries will be celebrating December 6 as Maitri Divas, to mark 50 years of Bangladesh’s independence and its bilateral ties with India, which was the first country to recognise its independence.

Key Highlights

• The India-Bangladesh CEO Forum will meet soon for the first time, even as the two countries work towards finalising a Comprehensive Economic Partnership Agreement (CEPA) to deepen trade and economic ties as partners rather than competitors. 
• India highlighted that improving connectivity is “imperative” for expanding and realising the potential for bilateral trade and investments. 
• Bangladesh is India’s biggest trade partner in South Asia with a volume of over $10 billion. 
• India had sent over one crore COVID-19 vaccine doses to the country and has extended concessional credit lines of about $8 billion, the highest for any single country.
• A bilateral textile industry forum has also been constituted to facilitate cooperation in the textile sector.
• India is also developing two Indian economic zones at Mirsarai and Mongla.
• India has identified five focus areas that could strengthen bilateral economic ties: 
  • Technology
  • Connectivity
  • Entrepreneurship
  • Health 
  • Tourism.