Bangladesh’s bid to join Regional Comprehensive Economic Partnership (RCEP) has advanced after trade ministers of the bloc approved a recommendation to form an ad hoc Accession Working Group to expedite the formal accession process for Bangladesh and three other applicants.
The decision was taken at the 5th RCEP Ministerial Meeting, held in Manila, the capital of the Philippines, on September 21 and formally endorsed by member countries following a recommendation by the RCEP Joint Committee, said a press release on Thursday.
Besides Bangladesh, Chile, Sri Lanka and Hong Kong (China) are on the list of applicants the special working group will facilitate. In a joint statement, RCEP members reaffirmed their commitment to maintaining the agreement as an open and inclusive framework.
The ad hoc working group will advance formal discussions and technical processes with Bangladesh and other interested applicants as part of expanding the bloc and implementing the roadmap for accession of new members.
Trade analysts said Bangladesh’s accession to the mega trade bloc- comprising the 10 ASEAN countries as well as China, Japan, South Korea, Australia and New Zealand- could create significant opportunities for the economy.
They said membership could be particularly important for addressing challenges following Bangladesh’s graduation from the Least Developed Country category, maintaining tariff-related trade advantages, strengthening integration with global supply chains and attracting foreign direct investment.
The meeting stressed that closer cooperation and constructive dialogue among member countries would be essential to ensuring effective and future-oriented regional economic integration. It also reviewed the progress of countries that have applied for membership and emphasised removing unnecessary barriers to international trade and advancing reform of the World Trade Organisation.
Indonesia’s Deputy Minister of Trade Dyah Roro Esti Widya Putri and Dr Shane Reti, member of New Zealand’s Parliament’s Foreign Affairs, Defence and Trade Committee, co-chaired the joint meeting.
