Tokyo (Japan), 6 February:
In a landmark milestone for bilateral relations, Bangladesh and Japan officially signed the Economic Partnership Agreement (EPA) today in Tokyo. This marks the first time Bangladesh has signed an EPA with any country.
The Advisor for Commerce of Bangladesh, Sheikh. Bashir Uddin, and HORII Iwao, State Minister for Foreign Affairs of Japan, signed the agreement on behalf of their respective governments at a ceremony held at the Ministry of Foreign Affairs of Japan. The Commerce Secretary, Mahbubur Rahman; the Ambassador of Bangladesh to Japan, Md. Daud Ali; the Ambassador of Japan to Bangladesh, SAIDA Shinichi; and senior officials from both the Japanese and Bangladeshi governments were also present during the signing ceremony.
The final agreement is the outcome of seven rounds of intensive and constructive negotiations held in Dhaka and Tokyo, focusing on trade in goods and services, investment, and economic cooperation.
During the ceremony, Advisor Sk. Bashir Uddin described the agreement as a reflection of the enduring and time-tested friendship between the two countries. He stated that the EPA is not merely a trade document; it represents Bangladesh’s bright economic future and the profound mutual trust between the two nations. He expressed optimism that effective implementation of the agreement would initiate a new chapter of mutual respect and prosperity.
Under this agreement, Bangladesh will gain significant advantages in the trade of both 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 has also opened its market for Japan, allowing 1,039 Japanese products duty-free or preferential access in a phased manner.
Notably, with the inclusion of the ‘Single Stage Transformation’ facility for the apparel sector, Bangladeshi garments can now be exported to Japan more easily, without complex conditions regarding raw materials. Additionally, opportunities will be created for Bangladeshi skilled professionals to work in approximately 120 service sectors across 16 categories in Japan, including IT, engineering, education, caregiving, and nursing. This will ensure significant employment opportunities for Bangladeshis in Japan. In return, Bangladesh has agreed to open 98 sub-sectors under 12 categories for Japan.
Beyond increasing trade volume, the agreement is expected to catalyze a new wave of Japanese investment (FDI) in manufacturing, infrastructure, energy, and logistics. The integration of Japanese advanced technology and investment will enhance the quality of domestic products, making Bangladesh more competitive globally.
Additionally, by fostering the growth of Small and Medium Enterprises (SMEs) and developing a skilled workforce, the agreement will serve as a powerful tool for inclusive economic growth and the socio-economic development of Bangladesh as a whole.
