Bangladesh's Economic Partnership Agreement (EPA) with Japan is poised to unlock wide-ranging employment opportunities for Bangladeshi workers -- particularly in nursing and caregiving -- while attracting fresh Japanese investment into the country's expanding services sector, Commerce Adviser Sk Bashir Uddin said on Monday.
The landmark deal is also expected to help Japan mitigate labour shortages in its production industries and deepen bilateral economic integration, he said at a press briefing following the signing ceremony held at the commerce ministry.
Commerce Secretary Mahbubur Rahman and senior ministry officials were present.
Describing the EPA as a major step towards economic liberalisation, the commerce adviser said 7,379 Bangladeshi products would enjoy duty-free entry into the Japanese market.
In return, Bangladesh has offered duty-free or preferential access to 1,039 Japanese products, facilitating a greater inflow of technology-intensive goods and industrial inputs.
Bangladesh will gradually open its market to selected Japanese goods over a transition period of five to 15 years.
Replying to a question on possible revenue erosion, Sk Bashir Uddin termed the impact "insignificant".
"The agreement may cause a revenue loss of only Tk 200 million, which is negligible compared to the broader economic gains," he said.
He highlighted the swift conclusion of negotiations, noting that Bangladesh secured the partnership within a year, whereas similar deals had taken neighbouring countries 15 to 20 years.
"Japan is among the world's top five economies, and concluding an EPA in such a short time is a remarkable achievement," he added.
Commerce Secretary Mahbubur Rahman said the EPA -- the first with a developed country -- was strategically designed to cushion Bangladesh against potential market-access challenges after its graduation from Least Developed Country (LDC) status in November 2026.
"The EPA is broader and deeper than a conventional free trade agreement and will come into force once ratified by the Japanese Parliament," he said.
On domestic issues, the commerce adviser expressed optimism about commodity supply during the upcoming Ramadan, saying adequate stocks of essential items had been imported and the market was expected to remain more stable than last year.
Responding to concerns over labour unrest at Chattogram Port, Sk Bashir said he hoped the newly elected government would ensure uninterrupted port operations to avert market volatility.
He dismissed reports that 600 cargo vessels were stranded at sea as "inaccurate".
In another development, the adviser disclosed that Bangladesh was set to sign a customs cooperation agreement with the United States on Monday night, with details to be announced today.
Officials said the twin initiatives -- the Japan EPA and the US customs accord -- signal Dhaka's intensified efforts to diversify trade partnerships and strengthen its post-LDC economic footing.
Bangladesh and Japan on Friday signed the landmark Economic Partnership Agreement in Tokyo. Commerce Adviser Sk Bashir Uddin and Japan's State Minister for Foreign Affairs Horii Iwao inked the deal at a ceremony in the Japanese capital.
Commerce Secretary Mahbubur Rahman, Bangladesh Ambassador to Japan Md Daud Ali, Japan's Ambassador to Bangladesh Saida Shinichi, and senior officials from both countries were present at the signing ceremony, according to a press release issued by the Press Information Department (PID).
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