Interim government has signed a landmark Economic Partnership Agreement (EPA) with Japan, marking the first time Bangladesh has entered into such an agreement with any nation.
The agreement was signed on Friday in Tokyo by Commerce Adviser Sk Bashir Uddin and Japanese State Minister for Foreign Affairs Horii Iwao on behalf of their respective governments.
Under the terms of the deal, around 7,379 Bangladeshi products, including ready-made garments (RMG), will enjoy 100 percent duty-free access to the Japanese market. In return, Dhaka will gradually provide duty-free or preferential access to 1,039 Japanese products.
The signing ceremony, held at the Ministry of Foreign Affairs of Japan, was attended by Commerce Secretary Mahbubur Rahman, Bangladesh Ambassador to Japan Md Daud Ali, Japanese Ambassador to Bangladesh Saida Shinichi, and senior officials from both governments.
Bashir Uddin stated, “This EPA is not just a trade document. It is an expression of Bangladesh’s bright economic future and deep mutual trust between the two countries.”
He further expressed hope that the effective implementation of the deal would commence a new chapter of mutual prosperity.
EPA is the culmination of seven rounds of negotiations held in both Dhaka and Tokyo. On 22 December, Bashir Uddin and Japanese Foreign Minister Motegi Toshimitsu made a joint announcement regarding the conclusion of the Bangladesh-Japan EPA negotiations.
According to the agreement, the inclusion of the “single-stage transformation” facility for the RMG sector means Bangladeshi apparel can now be exported to Japan easily without complex conditions regarding raw materials.
The deal opens doors for skilled Bangladeshi professionals to work in 120 service sectors across 16 categories in Japan, including IT, engineering, education, caregiving, and nursing. This ensures increased employment opportunities for skilled workers. Bangladesh has agreed to open 98 sub-sectors under 12 categories for Japan.
The path to the agreement began on 27 December 2023, with a recommendation to conduct negotiations using an integrated approach involving 17 sectors. The formal announcement to start EPA negotiations was made on 12 March 2024.
