Bangladesh, Japan ink historic EPA
In a landmark milestone for bilateral relations, Bangladesh and Japan today officially signed the ‘Economic Partnership Agreement’ (EPA) in Tokyo. This marks the first time Bangladesh has signed an EPA with anycountry, signaling a new era of bilateral cooperation, said a press release here. The agreement was signed at the Japanese Ministry of Foreign Affairs by Commerce Adviser Sheikh Bashir Uddin, on behalf of the Government of Bangladesh, and HORII Iwao, Japan’s State Minister for Foreign Affairs.
The ceremony was attended by high officials, including Commerce Secretary Mahbubur Rahman, Bangladesh Ambassador to Japan Md. Daud Ali, and Japanese Ambassador to Bangladesh Saeda Shinichi. The final agreement is the result of seven rounds of negotiations held in Dhaka and Tokyo, covering trade in goods and services, investment, and economic cooperation. Speaking at the event, Sheikh Bashir Uddin described the EPA as a reflection of the long-standing friendship between the two nations.
He emphasized that the agreement is more than just a commercial document; it is an expression of Bangladesh’s bright economic future and the deep mutual trust between the two countries. He expressed optimism that the effective implementation of this pact would initiate a new chapter of mutual prosperity. Under the EPA, Bangladesh will receive significant advantages in both goods and services trade. Approximately 7,379 Bangladeshi products, including ready-madegarments (RMG), will enjoy 100 percent duty-free access to the Japanese market.
Bangladesh will reciprocate by expanding its market for Japan, providing duty-free or preferential access to 1,039 Japanese products in a phased manner. A crucial ‘single stage transformation’ facility has been included for the garment sector, allowing Bangladeshi apparel to be exported to Japan easily without complex conditions regarding raw materials. The agreement opens 120 service sub-sectors across 16 categories—including IT, engineering, education, caregiving, and nursing—for skilled Bangladeshi professionals to work in Japan.
In return, Bangladesh has agreed to open 98 sub-sectors under 12 categories for Japanese service providers. The EPA is expected to significantly increase Japanese Foreign Direct Investment (FDI) in Bangladesh, particularly in manufacturing, infrastructure, energy, and logistics. The integration of advanced Japanese technology and investment will enhance the quality of domestic products, making Bangladesh more competitive globally. Furthermore, the agreement is envisioned as a powerful tool for inclusive economic growth. It aims to foster the development of Small and Medium Enterprises (SMEs) and create a highly skilled workforce, contributing to the overall socio-economic development of Bangladesh.
