Experts want BD to tap potentials of Asean Plus initiative

Bangladesh has enormous opportunities to get benefited economically through joining Asean Plus initiative but needs proper policy to make the best of ‘multifarious interests’ in Asean bloc, experts say. Integration with the ten-nation bloc – the Association of Southeast Asian Nations (Asean) – will help expand Bangladesh’s export market and bring in more Foreign Direct Investment (FDI) and subsequently the country will hugely benefit economically, they say. The member-states of the Asean are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam and Bangladesh can join the bloc through the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement (FTA) scheme of the Asean member-states and its FTA partners. Countries like Australia, China, India, Japan, Korea and New Zealand are involved in Asean through the RCEP initiative. By 2025, Asia’s trade volume is expected to double – led by China, India and Indonesia – and by 2050 Asia will comprise half of global GDP. “It’ll create scope for Bangladesh to get benefited economically and will help strengthen our trade ties with Asean member-states through economic integration,” economist Dr Mustafa K Mujeri said. The economist, also the Director General of the Bangladesh Institute of Development Studies (BIDS), however, said things depend on proper utilisation of the opportunities that will emerge, according to UNB.