Manila:Bangladesh's efforts to join the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade bloc, moved forward as trade ministers approved setting up an ad hoc Accession Working Group. This decision aims to expedite the entry process for Bangladesh and three other applicant economies.
According to United News of Bangladesh, the approval was granted at the 5th RCEP Ministers' Meeting held in Manila, the Philippines. During the meeting on September 21, ministers endorsed a recommendation from the RCEP Joint Committee, paving the way for formal negotiations.
In addition to Bangladesh, the applicant economies include Chile, Sri Lanka, and Hong Kong. A joint statement following the meeting emphasized RCEP's commitment to an open and inclusive framework, outlining plans for the working group to engage in technical processes with the aspiring members.
The RCEP bloc currently consists of the 10 ASEAN member countries, along with China, Japan, South Korea, Australia, and New Zealand. The Bangladesh Commerce Ministry views RCEP membership as a potential milestone for the nation's economy, offering benefits such as enhanced global trade access and increased foreign direct investment.
The meeting highlighted the importance of cooperation and dialogue among members to achieve effective regional economic integration. Additionally, RCEP ministers reviewed the progress of applicant economies and stressed the need to eliminate trade barriers and advance World Trade Organization reforms.