Japan to form working group to boost economic ties post-LDC
Japanese ambassador also urged the Bangladesh government to take similar steps
The Japan government is working to form a working group of experts to prepare a roadmap for signing an economic partnership agreement with Bangladesh to boost its trade and investment potentials after the latter graduates from the class of Least Developed Countries (LDC) in 2026.
Japanese Ambassador Iwama Kiminori made the disclosure at a meeting with Commerce Minister Tipu Munshi at the Secretariat in the capital on Sunday.
Kiminori urged the Bangladeshi government to take similar steps to form a working group, so that the process of ultimately reaching an economic partnership agreement (EPA) would become much easier.
On his part, Commerce Minister Tipu Munshi said a joint study group is ready to discuss related issues with the Japanese side with a focus on improving mutual trade benefits by 2026. Relevant work is underway as Japan has already shown immense interest in reaching a preferential trade agreement (PTA) or a free trade agreement (FTA).
Reciprocal visits by trade and business delegates would further ease decision-making procedures, the minister added.
While adding that Japanese investors already have big projects in Bangladesh, the ambassador said his government would like to further strengthen bilateral economic ties to assist the South Asian country navigate potential hurdles it may face after losing preferential treatment at the global stage in 2026.
Tipu Munshi said Bangladesh would face a number of challenges following its graduation from the LDC status in 2026, and thus the government is proactively seeking preferential and free trade agreements with many countries.
In this regard, Dhaka expects Japan to play a major role with increased investments and relaxed trade regulations. Japan has already pledged investments in the 100 special economic zones, which are under development in important parts of the country, and hopefully would commit more, Tipu Munshi said.
Commerce ministry Additional Secretary Noor Md Mahbubul Haq was also present at the meeting with the Japanese ambassador. Later, the commerce minister exchanged views with the newly elected members of the Japan-Bangladesh Chamber of Commerce and Industry.