DHAKA, June 3 (Xinhua) -- The United Nations has accepted Bangladesh's request to postpone its graduation from least developed country (LDC) status to developing nation status by three years.

The response came from the UN Committee for Development Policy (CDP) after Bangladesh formally appealed to extend the preparation period until Nov. 24, 2029.

Bangladesh's Ministry of Finance disclosed the development in a media statement on Tuesday, saying the CDP in its assessment found that Bangladesh has significantly exceeded the thresholds set in each of the three LDC transition indicators, and the risk of falling behind in the near and medium term is very low.

"The recent West Asian crisis, uncertainty in the global energy and supply system, changes in the international trade environment and global challenges may impact the implementation of the country's transition preparations," it added.

Bangladesh's transition process began in 2018, with the final preparation period originally set to end in 2024. Under the previous schedule, the South Asian country was due to exit the LDC list on Nov. 24 this year.

As an LDC, Bangladesh enjoys duty-free and quota-free benefits in the European export market, which it would lose after upgrading to developing country status. ■