Historic EPA Signed Between Bangladesh and Japan

ছবিঃ সংগৃহীত

News Desk:
In a landmark milestone in bilateral relations, Bangladesh and Japan have officially signed an Economic Partnership Agreement (EPA) in Tokyo. According to a press release received in Dhaka, this is the first time Bangladesh has signed an economic partnership agreement with any country.
Trade Adviser Sheikh Bashiruddin and Japan’s State Minister for Foreign Affairs Hori Iwao signed the agreement on behalf of their respective governments at a grand ceremony organized by Japan’s Ministry of Foreign Affairs. The signing ceremony was attended by Trade Secretary Mahbubur Rahman, Bangladesh’s Ambassador to Japan Md. Daud Ali, Japan’s Ambassador to Bangladesh Saida Shinichi, and senior officials from both countries. The agreement is the outcome of seven rounds of negotiations held in Dhaka and Tokyo covering trade in goods and services, investment, and economic cooperation.
Sheikh Bashiruddin described the agreement as a reflection of the longstanding friendship between the two countries. He said the EPA is not merely a commercial document but also a testament to Bangladesh’s bright economic future and the deep mutual trust between the nations. He added that the effective implementation of the agreement will usher in a new chapter of mutual prosperity.
Under the agreement, Bangladesh will receive significant benefits in trade of goods and services. Approximately 7,379 Bangladeshi products, including ready-made garments, will enjoy 100% duty-free access to the Japanese market. In return, Bangladesh is gradually opening its market for 1,039 Japanese products to receive duty-free or preferential treatment. Notably, with the “Single Stage Transformation” facility in the apparel sector, Bangladeshi garments can now be exported to Japan easily without any complex requirements regarding raw materials.
Additionally, the EPA creates opportunities for skilled Bangladeshi professionals to work in Japan in around 120 service categories across 16 sectors, including IT, engineering, education, caregiving, and nursing, ensuring greater employment opportunities for Bangladeshis abroad. Conversely, Bangladesh has agreed to open 98 sub-sectors across 12 categories for Japanese businesses.
The agreement is expected to increase trade volume, boost Japanese investment (FDI) in production, infrastructure, energy, and logistics, and improve the quality of domestic products through advanced Japanese technology and investment, making Bangladesh more globally competitive.
Furthermore, by fostering the growth of small and medium enterprises (SMEs) and developing a skilled workforce, the EPA will promote inclusive economic growth and serve as a powerful tool for Bangladesh’s overall socio-economic development.