Japan, Bangladesh perceive FTA to be next phase of Japan-Bangla ties

21 Mar '22

2 min read

Pic: Shutterstock

As Bangladesh prepares to graduate from its least developed country (LDC) status in 2026, it stares at losing many benefits from trade partners, including Japan, with which it is celebrating 50 years of friendship this year. Economists and businesses feel signing a free trade agreement (FTA) is a solution to address this, and both governments also perceive this as the most viable alternative.

Japan would be a strong contender in Bangladesh's list for signing an FTA, the latter’s planning minister MA Mannan recently said.

"Based on the experiences of the bilateral relationship between Bangladesh and Japan over the last 50 years, we are looking forward to the next 50 years, which are going to be much better, stronger and warmer," he said, while addressing a dialogue titled ‘Bangladesh-Japan Partnership for the Next Development Journey’ organised by the Centre for Policy Dialogue (CPD).

Mannan also said Bangladesh is attaching the highest importance to its relationship with Japan, adding that completion of the special economic zone (SEZ) at Araihazar in Narayanganj would change the landscape for Japanese investors, according to Bangla media reports.

Japanese ambassador to Bangladesh Ito Naoki said Tokyo is considering initiation of a joint study on framing the FTA with Bangladesh.

According to a recent Japan External Trade Organisation (JETRO) survey, 68 per cent of Japanese companies in Bangladesh are ready to expand their business operations in the coming years, the envoy added.

Naoki also noted that there is a need to focus on training the Bangladeshi workforce for catering to the needs of the Japanese market.

Fibre2Fashion News Desk (DS)

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