Bangladesh’s bid to join the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade bloc, has moved a step forward. The bloc’s trade ministers have approved a recommendation to form a formal ad hoc accession working group for four countries and territories, including Bangladesh.
The decision was taken at the fifth RCEP ministerial meeting in Manila, the Philippine capital, on September 21.
At the meeting, member states’ ministers formally endorsed the recommendation of the RCEP Joint Committee (RJC). Alongside Bangladesh, the list includes Chile in Latin America, the South Asian island nation of Sri Lanka and Hong Kong (China).
A joint statement issued after the meeting said the RCEP agreement is committed to maintaining an open and inclusive framework. As part of expanding the bloc, and in line with the roadmap for admitting new members, the working group will advance formal talks and technical processes with interested countries, including Bangladesh.
Trade analysts say joining this mega trade bloc, made up of the 10 ASEAN countries and economic powers such as China, Japan, South Korea, Australia and New Zealand, could be a major milestone for Bangladesh’s economy. In particular, it could play a ground-breaking role in meeting the challenges after graduating from least developed country (LDC) status, keeping duty-free access in international trade, building close links with global supply chains and attracting foreign direct investment (FDI), they say.
The meeting noted that effective and forward-looking regional economic integration can be ensured only through close cooperation and constructive dialogue among member states.
It also reviewed the progress of countries that have applied for membership and stressed the removal of unnecessary barriers to international trade and the World Trade Organization (WTO) reform process.
The meeting was co-chaired by Indonesia’s deputy trade minister Dyah Roro Esti Widya Putri and Dr Shane Reti, a member of the New Zealand parliament’s foreign affairs, defence and trade committee.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report