Major progress made in Bangladesh joining biggest trade bloc

The Commerce Ministry confirmed the progress in a press release on Thursday.

The Regional Comprehensive Economic Partnership (RCEP), the world’s biggest trade bloc, has approved a major step for accelerating the inclusion of Bangladesh into the alliance.

The decision was taken at the 5th RCEP, the world’s largest free trade bloc, Ministerial Meeting held in Manila, the capital of the Philippines. The Commerce Ministry confirmed the progress in a press release on Thursday.

On Monday, the bloc has approved a recommendation by its Joint Committee to form an “Ad Hoc Accession Working Group” for expediting the process.

Alongside Bangladesh, Chile, Sri Lanka and Hong Kong under China will also be reviewed by the working group for accession.

At the meeting on September 21, trade ministers of the member countries formally endorsed the recommendation made by the RCEP Joint Committee (RJC).

Besides Bangladesh, Chile, Sri Lanka and Hong Kong (China) are included in the list of applicants for which the special working group will facilitate the accession process.

In a joint statement issued after the meeting, the RCEP members reaffirmed their commitment to maintaining the agreement as an open and inclusive framework.

The ad hoc working group will advance formal discussions and technical processes with Bangladesh and other interested applicants as part of expanding the bloc and implementing the roadmap for accession of new members.

According to trade analysts, Bangladesh’s accession to the mega trade bloc comprising the 10 ASEAN countries as well as China, Japan, South Korea, Australia and New Zealand could create significant opportunities for the country’s economy.

They said membership could be particularly important for addressing challenges following Bangladesh’s graduation from the Least Developed Country (LDC) category, maintaining tariff-related trade advantages, strengthening integration with global supply chains and attracting foreign direct investment (FDI).

The meeting also stressed that closer cooperation and constructive dialogue among member countries would be essential to ensuring effective and future-oriented regional economic integration.

It also reviewed the progress of countries that have applied for membership and placed emphasis on removing unnecessary barriers to international trade and advancing the reform process of the World Trade Organization (WTO).

Indonesia’s Deputy Minister of Trade Dyah Roro Esti Widya Putri and Dr Shane Reti, member of New Zealand’s Parliament’s Foreign Affairs, Defence and Trade Committee, co-chaired the joint meeting.