Bangladesh has moved a step closer to joining the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free-trade agreement, after the bloc’s trade ministers approved the formation of an ad hoc Accession Working Group to advance the accession process.
The decision was taken at the fifth RCEP Ministerial Meeting in Manila, the Philippines, on September 21. RCEP ministers formally endorsed a recommendation from the RCEP Joint Committee to establish the special working group.
Besides Bangladesh, Chile, Sri Lanka and Hong Kong, China, are included in the working group. It will facilitate formal discussions and technical processes with the applicant economies in line with RCEP’s procedures for expanding its membership.
In a joint statement issued after the meeting, RCEP members reaffirmed their commitment to maintaining the agreement as an open and inclusive framework. The ministers also reviewed progress on accession applications and discussed removing unnecessary barriers to international trade and advancing reform of the World Trade Organization.
RCEP currently comprises the 10 ASEAN member states along with Australia, China, Japan, South Korea and New Zealand. The agreement entered into force in January 2022 and is the world’s largest free-trade agreement by economic coverage.
For Bangladesh, joining RCEP could help address trade challenges following its graduation from the least developed country category, maintain preferential market access, strengthen links with global supply chains and attract foreign direct investment, according to Bangladesh’s commerce authorities.
The ministers also emphasized stronger cooperation and dialogue among member economies to deepen regional economic integration and strengthen trade and investment ties.
The meeting was co-chaired by Indonesian Deputy Minister of Trade Diah Roro Esti Widya Putri and New Zealand Parliament member Shane Reti.
