Business Desk :
Bangladesh and Japan have finalised the draft of an Economic Partnership Agreement (EPA), with the deal set to be signed next month, Commerce Adviser Sk Bashir Uddin said on Monday.
“I talked to the Japanese Foreign Minister over the phone today (Monday). The EPA will be signed next month,” he said at a press conference on Bangladesh-Japan EPA negotiations at the Secretariat.
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.
Japan will also enjoy duty-free access for 1,039 products under the agreement.
The announcement was made by Commerce Adviser Sheikh Bashir Uddin following a telephone conversation with Japanese Foreign Minister Motegi Toshimitsu, during which the successful conclusion of the EPA negotiations was confirmed.
According to a statement issued by the Chief Adviser’s Press Wing on Monday:
Key highlights of the agreement is the inclusion of Bangladesh’s major export items particularly readymade garments (RMG) which will receive duty-free access to the Japanese market from the very first day the EPA comes into effect.
The EPA also includes strong commitments in the Trade in Services sector. Under the deal, Bangladesh has agreed to open 97 sub-sectors to Japan, while Japan will open 120 sub-sectors to Bangladesh across four modes of supply.
Officials believe this will encourage greater Japanese investment in Bangladesh, alongside enhanced technology transfer, skills development and service-sector collaboration.
Japan is currently the world’s fourth-largest economy, and the conclusion of the EPA negotiations at the negotiator level marks a major milestone in bilateral economic relations. Legal scrubbing and final approvals are still pending before the agreement is officially signed.
The government expects the EPA to deliver wide-ranging economic benefits for Bangladesh, including expanded trade, increased foreign direct investment, and new employment opportunities. Officials described the agreement as the beginning of a new chapter in Bangladesh-Japan economic cooperation.
Those present at the announcement included the Chief Adviser’s Special Envoy on International Affairs Lutfey Siddiqi, Bangladesh Investment Development Authority Executive Chairman Chowdhury Ashik Mahmud Bin Harun, Commerce Secretary Mahbubur Rahman, Chief Negotiator Ayesha Akter, Deputy Chief Negotiator Md Firoj Uddin Ahmed, and Focal Point Mahbuba Khatoon Minu.
As a Least Developed Country (LDC), Bangladesh will, for the first time, sign an EPA with Japan, the world’s fourth-largest economy. 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.
“This marks the conclusion of negotiations at the negotiator level. Further steps will involve legal scrubbing and further approvals from advisory council/cabinet on both sides,” the release said.
