Ito Naoki for speedy FTA between Bangladesh, Japan

Japanese Ambassador to Bangladesh Ito Naoki on Thursday underscored the need for immediate negotiation for signing the Free Trade Agreement (FTA) or Economic Partnership Agreement (EPA) between the two friendly countries.

He laid emphasis on the issue while addressing an event titled “Celebration of the 50th Anniversary of Japan-Bangladesh Diplomatic Relations”.

The programme was jointly organised by JCIAD (Japanese Commerce and Industry Association in Dhaka) and JBCCI (Japan-Bangladesh Chamber of Commerce and Industry) at the Pan Pacific Sonargaon Dhaka.

The envoy said most of the Japanese companies in Bangladesh and the Bangladeshi companies want the signing of the FTA or EPA for the continuation of duty benefits after the country’s graduation from the least developed country to a developing nation in 2026.

"Moreover, it may take three to four years to conclude the signing of the FTA or EPA. So the negotiation should start as soon as possible," Naoki said.

He also said the trade and investment relationship will further strengthen between Bangladesh and Japan after Prime Minister Sheikh Hasina’s visit to Japan soon.

"Bangladesh is improving its infrastructure and business climate here. The Japanese special economic zone at Araihazar in Narayanganj is a successful one. It has been the best facilities," he added.

Speaking at the event, Foreign Minister AK Abdul Momen said Japan has been Bangladesh's true and trusted friend as well as the development partner for the last 50 years.

Momen said many Japanese companies are engaged in a good number of mega projects in Bangladesh. The economic relationship between the two countries will be stronger in future, he hoped.