Bangladesh and Japan need to sit a few more times to complete negotiations on economic partnership agreement (EPA) as last month’s final-round meeting ended without reaching a consensus on some issues.
Sources said both sides will sit in the current month in Dhaka and next month in Tokyo again to resolve some unresolved issues.
“EPA will be finalised by the end of this year as some issues need to be discussed more,” said Japan External Trade Organisation Country Representative Kazuiki Kataoka.
He told the FE over phone that as EPA is related to export-import and tariff, it is difficult to grasp all situations in it from both private sectors and government sides of the two countries through a win-win situation.
Agreeing with the deadline to sign EPA by December, Commerce Ministry sources, however, said the final round negotiation was completed and formalities to sign the agreement is under process.
“There are many steps to sign such an important agreement between the two countries. So process for that started” said an official preferring not to be named.
After the end of the seventh round of negotiations on the EPA held during September 3-12 in Tokyo, Japanese Foreign Ministry, in a press release on September 16 also stated that both sides decided to coordinate the upcoming detailed schedule of negotiations through diplomatic channels.
Deputy Director-General and Ambassador in charge of Economic Diplomacy, Economic Affairs Bureau of Ministry of Foreign Affairs KOBAYASHI Izuru led the negotiation from the Japan side and Additional Secretary, Head of Foreign Trade Agreement Wing, Ministry of Commerce Ayesha Akther from Bangladesh side.
Representatives of other relevant ministries from both sides were also present.
The MoFA press release also said that both sides had fruitful discussions on the way forward for future negotiations and on negotiating areas such as Trade in Goods, Rules of Origin, Trade in Services, Investment, Electronic Commerce, and Intellectual Property.
EPA negotiation started last year in May after a joint survey that disclosed that Japanese private sector eyed trade and investment worth US$13 billion in Bangladesh under the EPA.
It is also likely to help make up for trade of $ 8.72 billion with phased tariff reduction for Japan. This wide trade gap against Dhaka is seen as untapped trade potential for Bangladesh.
The joint study showed current two-way trade worth $ 4.28 billion with bigger basket of Japan.
The EPA, which is different from FTA and is more compatible after Bangladesh’s LDC graduation, can serve as a catalyst, creating environment as a gateway to substantial Japanese investment in Bangladesh for its burgeoning market, it observed.
smunima@yahoo.com