Duty-free benefits for 7,379 Bangladeshi products as EPA signed with Japan

This is the first time Bangladesh has signed an Economic Partnership Agreement with another country

Bangladesh and Japan have officially signed an Economic Partnership Agreement (EPA) in Japan, clearing the way for 7,379 Bangladeshi products to enjoy duty-free benefits.

It is also the first time Bangladesh has signed an EPA with another country, a statement says.

The agreement was signed by Commerce Advisor Sheikh Bashir Uddin and Japan State Minister for Foreign Affairs Iwao Horii on behalf of their respective governments at Japan’s Ministry of Foreign Affairs in Tokyo.

Approximately 7,379 Bangladeshi products, including ready-made garments, will enjoy complete duty-free access to the Japanese market under the agreement. In return, Bangladesh has also allowed 1,039 Japanese products duty-free or preferential access in a phased manner.

The inclusion of the “Single Stage Transformation” facility for the apparel sector will allow Bangladeshi garments to be exported to Japan much more easily, without complex conditions regarding raw materials. Opportunities will also be created for Bangladeshi skilled professionals to work in approximately 120 service sectors across 16 categories in Japan, including IT, engineering, education, caregiving and nursing.

In return, Bangladesh has agreed to open 98 sub-sectors under 12 categories for Japan.

Commerce Secretary Mahbubur Rahman, Ambassador of Bangladesh to Japan Md Daud Ali, and Ambassador of Japan to Bangladesh Shinichi Saida, and senior officials from the Japan and Bangladesh governments were also present during the signing ceremony.