“Japan-Bangladesh EPA”, a landmark step in Bangladesh’s trade diplomacy

The Japan-Bangladesh Economic Partnership Agreement (EPA), according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), is a significant development in Bangladesh’s economic diplomacy.

According to the BGMEA, the association and the Bangladeshi ready-made garment industry as a whole are still incredibly appreciative of the Japanese government’s ongoing assistance in promoting sustainable economic growth and enhancing bilateral ties.

It stated that a significant turning point in Bangladesh’s trade and diplomatic relations was reached Friday when the Japan-Bangladesh Economic Partnership Agreement (EPA) was signed in Tokyo, Japan. Sk. Bashir Uddin, the government of Bangladesh’s adviser for commerce, textiles and jute, civil aviation, and tourism, and HORII Iwao, the state minister for foreign affairs of Japan, signed the country’s first-ever EPA.

The deal represents a common commitment to strengthening economic ties and is the result of seven rounds of discussions encompassing trade in commodities and services. interaction in a way that benefits both parties.

According to a press release, Japan has long been Bangladesh’s biggest development partner and the nation’s biggest source of official development assistance (ODA). As such, its contributions have been crucial in assisting Bangladesh’s industrial growth, infrastructural development, and general economic transformation.

Thus, this agreement is the logical development of a reliable and established cooperation as well as a trade agreement.

BGMEA further conveyed its sincere gratitude to Bangladesh’s interim administration for this welcome and progressive move. A top national objective as Bangladesh gets ready for LDC graduation is obtaining steady and predictable market access through bilateral trade agreements. The EPA between Japan and Bangladesh is timely and strategic in this regard.

The EPA is anticipated to greatly increase market access for Bangladeshi exporters, especially ready-made clothing, which makes up the majority of Bangladesh’s exports to Japan, from a commercial standpoint. Bangladesh shipped $1,411.6 million worth of clothing to Japan in FY2024–2025, compared to Japan’s around US$23 billion in total imports.