Bangladesh, Japan sign historic EPA

Bangladesh and Japan on Thursday signed a historic Economic Partnership Agreement (EPA), marking a major milestone in their bilateral ties and giving duty free access to 7,379 Bangladeshi products to the Japanese market.

This is the first time Bangladesh has signed an Economic Partnership Agreement with any country.

Commerce Adviser Sk Bashir Uddin and Japan’s State Minister for Foreign Affairs HORII Iwao signed the agreement on behalf of their respective governments at a formal ceremony at Japan’s Ministry of Foreign Affairs in Tokyo.

Commerce Secretary Mahbubur Rahman, Bangladesh Ambassador to Japan Md Daud Ali, Japanese Ambassador to Bangladesh SAIDA Shinichi and senior officials from both countries were present at the event.

The agreement is the result of seven rounds of negotiations held in Dhaka and Tokyo on trade in goods and services, investment and economic cooperation.

Speaking at the ceremony, Commerce Adviser Sheikh Bashir Uddin said the EPA reflects the long standing friendship between Bangladesh and Japan.

He also said the agreement is not just a trade document but a sign of Bangladesh’s strong economic future and deep mutual trust between the two countries.

He expressed hope that proper implementation of the agreement would open a new chapter of shared prosperity.

Under the agreement, Bangladesh will enjoy major benefits in both goods and services trade.

A total of 7,379 Bangladeshi products, including ready made garments, will receive 100 percent duty free access to the Japanese market.

In return, Bangladesh will gradually expand market access for Japan, allowing 1,039 Japanese products to enjoy duty free or preferential treatment.

In the garment sector, the inclusion of single stage transformation will allow Bangladeshi apparel to enter Japan easily without complex conditions related to raw materials.

Alongside this, the agreement will open opportunities for Bangladeshi skilled professionals to work in Japan in about 120 service areas across nearly 16 sectors, including IT, engineering, education, caregiving and nursing.

This is expected to create more employment opportunities for Bangladeshis in Japan.

In return, Bangladesh has agreed to open 98 sub sectors under 12 service categories for Japan.

Officials expect the agreement to boost bilateral trade as well as Japanese foreign direct investment in manufacturing, infrastructure, energy and logistics.

With advanced Japanese technology and investment, the quality of Bangladeshi products is expected to improve, making the country more competitive globally.

The EPA is also expected to support small and medium enterprises, develop a skilled workforce and contribute to inclusive economic growth and overall socio economic development of Bangladesh.