Bangladesh has reached out to Australia for backing in joining the Regional Comprehensive Economic Partnership (RCEP) to secure advantageous market entry following its graduation from the least developed country (LDC) classification. Additionally, Bangladesh has suggested the possibility of entering into free trade agreements (FTA) with Australia and New Zealand to enhance bilateral trade and investment, according to an official press release.
During recent meetings in Canberra and Wellington, Commerce Secretary Md Ataur Rahman Khan presented these requests as he led a delegation to Australia and New Zealand to explore avenues for enhancing bilateral trade. In Canberra, the secretary held discussions with Ravi Kewalram, the first assistant secretary of the Australian Department of Foreign Affairs and Trade, and Sarah Storey, the first assistant secretary of the South and Central Asia Division.
Bangladesh has sought Australia’s backing for its potential accession to RCEP and for extending the LDC graduation preparation period by an additional three years. The country has formally requested the United Nations to extend its graduation period until November 2029. The UN Committee for Development Policy has recommended this extension, with the UN General Assembly expected to make a final decision in September.
Expressing gratitude to Australia for maintaining duty-free and quota-free market access for Bangladeshi products post-graduation, Bangladesh has proposed a bilateral FTA with Australia. In response, Australia has indicated it will consult with stakeholders to determine the appropriate course of action.
Bangladesh has already submitted the RCEP accession questionnaire and commenced aligning its legislation on intellectual property, competition, and personal data protection with RCEP standards. With a population of approximately 170 million people, Bangladesh’s inclusion in RCEP could potentially establish a trade link between South Asia, East Asia, and the Association of Southeast Asian Nations (ASEAN).
In Wellington, the commerce secretary advocated for an FTA with New Zealand during a meeting with representatives from the country’s Ministry for Primary Industries. Additionally, he sought New Zealand’s support for Bangladesh’s potential accession to RCEP and stressed the significance of extending the transition period by another three years to facilitate a smoother LDC graduation.
Bangladesh has also proposed the establishment of a business forum between the two nations, the formation of a technical working group involving relevant agencies, the appointment of dedicated focal points for communication, and the facilitation of regular information exchange. The meeting in Wellington also centered on bolstering cooperation in agriculture, food security, technology exchange, and expanding trade.
In preparation for its LDC graduation, Bangladesh is revamping its trade policy to mitigate the impact of losing duty-free market access. The country has inked an Economic Partnership Agreement with Japan and finalized a Comprehensive Economic Partnership Agreement with South Korea.
