Bangladesh begins gap analysis for RCEP entry

Business Desk :

Bangladesh has begun a major gap analysis to understand how its trade rules, economic strengths, and regulations compare with the standards of the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade bloc. The move is aimed at preparing the country for possible membership.

The analysis comes ahead of the next RCEP meeting in January at the Secretariat in Indonesia, where Bangladesh and three other applicants Hong Kong, Sri Lanka, and Chile will present reports on their readiness and the commitments they can make under RCEP rules.

Officials said the RCEP Secretariat recently sent a letter to the Ministry of Commerce (MoC), asking for a detailed gap-analysis report within 90 days.

A senior MoC official told the reporter that Bangladesh is in a strong position because its Economic Partnership Agreement (EPA) with Japan is almost finalised. This agreement has caught the attention of RCEP member countries. “The chief negotiator for this EPA, Mr Kobayashi, is also a co-chair of the RCEP Secretariat and understands Bangladesh’s potential,” he said.

However, international trade economist Dr Abdur Razzaque, Chairman of RAPID, said Bangladesh must increase diplomatic engagement with RCEP members, as membership depends on their unilateral decisions. He suggested working more closely with China to strengthen Bangladesh’s bid.

Dr Razzaque pointed out that RCEP may initially allow only one new country to join from the four applicants. He said Bangladesh should lobby for allowing more than one entry.

To prepare the report, the MoC has started capacity-building workshops with support from the Asian Development Bank (ADB). Legal experts from Brussels and Italy, along with Dr Razzaque, held a two-day workshop attended by officials from the commerce, foreign affairs, and agriculture ministries. On 27 October, Razzaque also led a session on the economic cost of joining RCEP.
The gap analysis will cover trade in goods, services, and investment across all 20 chapters of RCEP rules.

They also noted that Hong Kong is currently in a stronger position because its trade policies are already mostly aligned with RCEP standards.