Bangladesh will form an expert panel for negotiations as the country seeks to sign deals with major trading partners ahead of its graduation to a developing nation from the least developed country (LDC) category.
The country has been negotiating with nearly a dozen countries to sign free trade agreements (FTAs), preferential trade agreements (PTAs), comprehensive economic partnership agreements (CEPAs), and economic partnership agreements (EPAs) to retain preferential trade benefits following the LDC graduation slated for November next year.
For all latest news, follow The Daily Star’s Google News channel. If the new resource pool is approved, it will engage in negotiations with major trading partners to sign deals in line with government rules and regulations.
“We are trying to form a pool of resources for negotiations to sign the trade agreements,” Commerce Secretary Mahbubur Rahman said at an event titled “Building national capabilities in trade negotiations: reflections & way forward” held at the InterContinental Dhaka hotel yesterday.
Negotiations for signing a trade deal with Singapore will begin soon, while talks are underway for a similar one with Korea, the secretary said.
A team from Bangladesh is now engaged in the final round of negotiations in Tokyo to finalise an EPA, which the two nations may sign this year, Rahman added.
If signed, it will be Bangladesh’s first full-fledged economic partnership agreement, as previously the South Asian nation had signed only a PTA with Bhutan in December 2020.
Commerce Adviser Sk. Bashir Uddin said by strengthening policy frameworks and institutional support, the government aims to ensure that this pool evolves as a dynamic force, fully equipped to navigate the complexities of international trade and safeguard Bangladesh’s economic interests in the years ahead.
Built on the foundation of continuous learning and adaptability, the trade negotiators’ pool is poised to deliver an enduring impact, Bashir Uddin also said.
British High Commissioner to Bangladesh Sarah Cooke said her country will continue extending duty-free market access to Bangladeshi goods in the post-LDC period.
She also expressed her country’s interest in sharing expertise on trade negotiations with Bangladesh.
Chief Adviser’s Special Envoy on International Affairs Lutfey Siddiqi said Bangladesh’s export basket is very narrow and negotiators will face many difficulties with different countries.
Resident Representative of the United Nations Development Programme Stefan Liller and Additional Commerce Secretary Md Abdur Rahim Khan also spoke at the event.
Bangladesh has already met the criteria for graduation in all three categories: per capita income, human asset index, and economic vulnerability index.
Even so, leading business figures have urged the government to seek a six-year deferral of LDC graduation, warning the economy is unprepared for the loss of vital trade preferences.
Citing domestic and international pressures—nearly 40 percent currency devaluation, high interest rates, and a fraught investment climate—they petitioned to delay the transition from November 2026 to 2032.
Their main concern is the loss of duty-free, quota-free access to the European Union, which they estimate could cut annual exports by up to 14 percent, or $7 billion, crippling readymade garments and footwear that make up almost 90 percent of exports.
Experts stress Bangladesh must negotiate trade deals to preserve market access after graduation.
Without talks, the country faces higher tariffs in the EU, UK, and other destinations.
Starting negotiations early will allow time to build consensus, align domestic policies with global standards, diversify export destinations, and reduce overreliance on a few markets.
Most importantly, timely deals will ensure a smoother transition and protect jobs and growth driven by exports.