This is as per media reports, which added the primary objective of this is to maintain duty benefits post-Bangladesh’s anticipated graduation to a developing nation in 2026.

State Minister for Commerce Ahsanul Islam Titu officially announced the commencement of negotiations during a press conference held at the ministry office in capital Dhaka.

Meanwhile, senior commerce secretary Tapan Kanti Ghosh highlighted the criticality of the EPA, stating that without it, Bangladesh would incur more than an 18 per cent duty on exported goods after 2026, thereby highlighting the urgency and importance of securing this agreement to safeguard Bangladesh’s economic interests.

Ambassador IWAMA Kiminori, representing Japan in Bangladesh, also contributed to the discussion, underscoring the significance of bilateral cooperation in trade matters between the two nations.

The proactive approach by the Bangladeshi government demonstrates its foresight in addressing potential challenges associated with the country’s transition to a developing nation status.

By initiating negotiations for the EPA now, Bangladesh aims to ensure continuity in trade benefits, thereby supporting its export-oriented economy and maintaining its competitive edge in the global market.

Overall, this development marks a crucial milestone in Bangladesh’s economic trajectory, reflecting its determination to navigate the complexities of international trade dynamics and secure favourable terms that will benefit its economy in the long term.

Fibre2Fashion News Desk (DR)