The signing of this agreement is expected to bring far-reaching trade and economic benefits for Bangladesh, including enhanced trade, investment, and employment opportunities, marking a new chapter in the nation’s economic relations with Japan, reads the statement.
Flags of Bangladesh and Japan. Illustration: Collected
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Flags of Bangladesh and Japan. Illustration: Collected
Bangladesh will enjoy immediate duty-free access to the Japanese market for 7,379 products once the Bangladesh-Japan Economic Partnership Agreement (EPA) is signed, marking a major boost for the country’s export sector.
Under the agreement, Japan will also receive duty-free access for 1,039 Bangladeshi products, according to a statement issued by the Chief Adviser’s Press Wing today (22 December).
It said Commerce Adviser Sheikh Bashir Uddin today announced the successful conclusion of the Bangladesh-Japan Economic Partnership Agreement (EPA) negotiations during a telephone conversation with the Japanese Foreign Minister Motegi Toshimitsu.
The statement said a significant aspect of the EPA is that Bangladesh’s major export products, particularly readymade garments (RMG), will be granted duty-free access to Japan’s market from the very first day of the agreement. Additionally, Bangladesh will benefit from Single Stage Transformation provisions for RMG products.
The Trade in Services sector also sees a substantial commitment from both sides. Bangladesh has agreed to open 97 sub-sectors to Japan, while Japan will open 120 sub-sectors to Bangladesh across four modes of supply. This is expected to foster increased Japanese investment in Bangladesh, along with greater technology transfer.
The signing of this agreement is expected to bring far-reaching trade and economic benefits for Bangladesh, including enhanced trade, investment, and employment opportunities, marking a new chapter in the nation’s economic relations with Japan, reads the statement.
The EPA negotiations between Bangladesh and Japan, the world’s fourth-largest economy, have now concluded at the negotiator level, with legal scrubbing and final approvals remaining before the agreement is formally signed.
Also present during the announcement were the Chief Adviser’s Special Envoy on International Affairs Lutfey Siddiqi, Executive Chairman of the Bangladesh Investment Development Authority (Bida) Chowdhury Ashik Mahmud Bin Harun, Secretary of the Ministry of Commerce, Mahbubur Rahman, Chief Negotiator of the Bangladesh–Japan EPA Ayesha Akter, Deputy Chief Negotiator Md Firoj Uddin Ahmed; and Focal Point Mahbuba Khatoon Minu.