Desk Report:
The process for Bangladesh to join the ‘Regional Comprehensive Economic Partnership’ (RCEP)—the world’s largest free trade bloc—has advanced a step further. Trade ministers of the bloc have approved a recommendation to form a special, or ‘ad hoc,’ accession working group to accelerate the formal inclusion process for four countries and regions, including Bangladesh.
This significant decision was reached during the 5th RCEP Ministerial Meeting held in Manila, the Philippines. Ministers from member countries formally endorsed the recommendation made by the RCEP Joint Committee (RJC) during the meeting held on September 21.
Alongside Bangladesh, the countries and regions involved in this ad hoc accession working group process include Chile (Latin America), Sri Lanka (a South Asian island nation), and Hong Kong (China).
A joint statement issued after the meeting affirmed RCEP’s commitment to maintaining an open and inclusive framework. The working group will operate in accordance with the roadmap for expanding the bloc’s scope and admitting new members, facilitating formal discussions and technical processes with interested nations like Bangladesh.
Currently, RCEP comprises the ten ASEAN member states alongside China, Japan, South Korea, Australia, and New Zealand. The progress in Bangladesh’s accession process is viewed as a significant milestone for the country’s trade and economy.
In particular, RCEP could create new opportunities for Bangladesh in areas such as maintaining competitiveness in international trade following its graduation from Least Developed Country (LDC) status, expanding market access, strengthening integration into global supply chains, and attracting foreign investment.
The meeting emphasized ensuring effective and forward-looking regional economic integration through close cooperation and constructive dialogue among member nations. Simultaneously, the progress of countries that have applied for membership was reviewed. The meeting also emphasized removing unnecessary barriers in international trade and advancing the reform process of the World Trade Organization (WTO).
The joint meeting was co-chaired by Indonesia’s Deputy Minister of Trade, Dyah Roro Esti Widya Putri, and Dr. Shane Reti, a member of the New Zealand Parliament’s Foreign Affairs, Defence and Trade Committee.
