[🇧🇩] The Regional Comprehensive Economic Partnership (RCEP)

[Saif]

Date of Event: Sep 25, 2026

Source: https://thefinancialexpress.com.bd/trade/rcep-ministers-approve-bangladeshs-accession-advancement

RCEP ministers approve Bangladesh's accession advancement

Courtesy: Magnific (formerly Freepik)

The Regional Comprehensive Economic Partnership (RCEP) ministers have approved the advancement of the accession process for Bangladesh, alongside Chile, Hong Kong, and Sri Lanka.

The decision was announced in a Joint Media Statement following the 5th RCEP Ministers' Meeting held in Manila, the Philippines, on September 21, 2026.

The meeting approved the recommendation of the RCEP Joint Committee to establish an ad hoc Accession Working Group to proceed with Bangladesh's accession process.

The meeting was co-chaired by Diah Roro Esti Widya Putri, vice minister of trade of Indonesia, and Dr Shane Reti, member of the Foreign Affairs, Defence and Trade Committee of the New Zealand Parliament.

Talking to the FE, Commerce Minister Khandakar Abdul Muktadir said it was a great achievement for Bangladesh as the country had made visible progress towards joining the world's largest trade bloc.

"We have received the go-ahead in principle. Now a joint working committee will work on this," he said.

RCEP accession was one of the major tasks of the Ministry of Commerce, while negotiating a Free Trade Agreement (FTA) with the European Union (EU) was another, he added.

Commerce Secretary Md Ataur Rahman Khan said extensive groundwork had been undertaken to secure the green signal from the RCEP ministers.

"Our visit to our counterparts in New Zealand and Australia prior to the ministers' meeting helped secure their support for Bangladesh's RCEP accession," he said.

In the meeting, delegates representing ASEAN member states, along with Australia, China, Japan, New Zealand, and the Republic of Korea, gathered to review the implementation of RCEP and regional trade cooperation.

The meeting also approved alignment with the "Next Steps for RCEP Accession Process".

International trade economist Dr Mohammad Abdur Razzaque, chairman of the Research and Policy Integration for Development (RAPID), said the development was encouraging and would help expedite the accession process.

"With the approval, the process has officially begun to join this highly important trade bloc," he said.

Major import markets, such as China, Japan, and South Korea, are RCEP members, offering Bangladesh opportunities to expand its market access, he added. Dr Razzaque said RCEP rules were relatively flexible, taking into account the strengths and economic circumstances of different countries, which could allow Bangladesh a longer transition period for preferential trade benefits.

He, however, suggested harmonising Bangladesh's existing bilateral trade agreements with Japan and South Korea to avoid complications arising from overlapping trade arrangements.

Dr Razzaque said the RCEP negotiation process may require Bangladesh to lower its relatively high tariff regime, which could pose a risk to the country's already narrow fiscal space.

"Though RCEP accession is not guaranteed with this approval, Bangladesh has a high chance because of its large consumer market," he added.

Beyond Bangladesh and its co-applicants, the meeting acknowledged Uruguay's accession interest expressed in February 2026, which would be given due consideration.

The ministers also highlighted initiatives to enhance economic resilience, support micro, small and medium enterprises (MSMEs), maintain WTO-consistent trade rules, and strengthen regional trade cooperation.

They also launched the official RCEP web platform.

In 2022, an inter-ministerial meeting agreed to initiate discussions on joining RCEP to mitigate the challenges Bangladesh is likely to face after LDC graduation.

However, the current government has intensified the effort to speed up the process of RCEP accession.​

 

[Saif]

https://www.newagebd.net/post/economy/315233/bangladesh-moves-closer-to-joining-rcep

Bangladesh moves closer to joining RCEP
Staff Correspondent . Dhaka 25 September, 2026, 00:00

Bangladesh’s process of joining the Regional Comprehensive Economic Partnership, the world’s one of the largest free trade blocs, has moved a step forward with the approval of a proposal to form an ad hoc accession working group.

Trade ministers of RCEP member countries approved the recommendation at the bloc’s fifth ministerial meeting held in Manila, the Philippines, on September 21, according to a joint statement.

The working group would facilitate formal discussions and technical processes with Bangladesh and three other applicants — Chile, Sri Lanka and Hong Kong of China — as part of the bloc’s roadmap for expansion.

RCEP, the 15-nation free trade agreement in the Asia-Pacific region comprised the ten ASEAN members alongside Australia, China, Japan, New Zealand, and South Korea, encompasses 30 per cent of global GDP and represents a $32 trillion economic zone.

Signed in on November 15, 2020, the RCEP entered into force on January 1, 2022.

Bangladesh’s possible accession comes as the country prepares for the challenges associated with graduation from the least developed country category.

‘The meeting welcomed the progress made in the accession agenda and approved the recommendation of the RCEP Joint Commission to establish an ad hoc Accession Working Group to advance the accession process for Bangladesh; Chile; Hong Kong (China); and Sri Lanka, in line with the ‘Next Steps for RCEP Accession Process’ adopted by the RJC,’ said the statement.

In a joint statement issued after the meeting, the RCEP members reaffirmed their commitment to maintaining the agreement as an open and inclusive framework.

The working group would advance the accession process for interested countries through formal consultations and technical work.

The bloc said closer cooperation and constructive dialogue among its members would help strengthen regional economic integration.

The meeting also reviewed the progress of applicant economies and discussed removing unnecessary barriers to international trade and reforming the World Trade Organisation.

The formation of the working group is expected to provide a formal platform for Bangladesh to proceed with negotiations and technical assessments required for accession to the trade bloc.

Bangladesh has been pressing ahead with its bid to join the RCEP for a several period of time, as the country steps up its efforts.

Last month, Bangladesh has sought Australia and New Zealand’s support for its membership of the RCEP during separate meetings between commerce secretary Md Ataur Rahman Khan, first assistant secretary of the Australian Department of Foreign Affairs and Trade Ravi Kewalram, divisional manager of the Trade Negotiations and Policy Division of New Zealand Sara Meymand.

Highlighting their roles as founding members and important participants in the RCEP, Md Ataur Rahman sought its policy support for their membership bid.

Bangladesh has already formally submitted the RCEP accession questionnaire and has begun the process of aligning its laws on intellectual property, competition, and personal data protection with RCEP standards.

In view of global energy-price inflation, trade disruptions, and recent domestic economic challenges, Bangladesh has applied to the United Nations for an extension of its preparation period for LDC graduation until November 2029.

RCEP members, like Japan and Australia, are Bangladesh’s major export destinations, while Bangladesh already signed a CEPA with Japan recently.

The UN Committee for Development Policy has already recommended the extension, and a final decision is expected to be taken during the ongoing United Nations General Assembly.

The Economic and Social Commission for Asia and Pacific recently published a working paper titled ‘Bangladesh’s Service Trade and RCEP Accession,’ saying that Bangladesh already complies with liberalisation norms, although significant gaps remain in some sectors.

Travel, banking, and ICT are relatively RCEP-ready, meanwhile, IP, insurance, education, and media require extensive reform, said the report.

Government procurement and mutual-recognition mechanisms also require significant policy upgrades, it added, pointing out that regulatory-and market-access barriers remain significant.​

 

[Saif]

RCEP bid moves forward. What now?

Bangladesh should begin preparing for negotiations to join the Regional Comprehensive Economic Partnership (RCEP), as the 15-member trade bloc has signalled a positive response to the country’s bid for accession, trade experts said.

www.thedailystar.net

RCEP bid moves forward. What now?
Updated : 27 September 2026, 23:38

Refayet Ullah Mirdha

Bangladesh should begin preparing for negotiations to join the Regional Comprehensive Economic Partnership (RCEP), as the 15-member trade bloc has signalled a positive response to the country’s bid for accession, trade experts said.


The RCEP ministers approved the establishment of an Ad Hoc Accession Working Group to advance the accession process of Bangladesh, alongside Chile, Hong Kong and Sri Lanka, at a meeting in the Philippines on September 21.

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The development comes more than two years after Bangladesh formally expressed interest in joining the world’s largest free-trade agreement.

In July 2022, an inter-ministerial meeting approved the commerce ministry’s proposal to join the RCEP to retain preferential market access after Bangladesh graduates from the United Nations’ least developed country (LDC) category.

Following that decision, the commerce ministry formally sent a letter of consent to the foreign ministry in October 2024, requesting Bangladesh’s accession to the RCEP.


‘A BIG DEAL’


Formation of a working committee by the RCEP ministers’ meeting for Bangladesh’s accession is a positive sign, said Mustafizur Rahman, distinguished fellow of the Centre for Policy Dialogue (CPD).

He said the bloc’s latest decision is significant as Bangladesh applied to join the group several years ago, but the application was not considered earlier.

“Joining the RCEP is a big deal because it is a bloc of 15 countries,” he said, adding that it would give Bangladesh access to improved trade benefits with all the member countries.


He noted that the development comes at a time when the government is seeking bilateral and regional trade agreements to preserve preferential market access after LDC graduation.

Mustafizur suggested that the government start preparing so that it can easily join the bloc.


‘MAKE EXTENSIVE PREPARATIONS’


Mohammad Abdur Razzaque, chairman of Research and Policy Integration for Development (RAPID), said Bangladesh needs to make extensive preparations for the negotiations as accession to the RCEP requires Bangladesh to clear several stages.

The country needs to assess what it can offer RCEP members and whether the economy and domestic industries are prepared for greater competition under the trade agreement, he said.

The government should conduct studies on these issues and prepare its negotiating positions and recommendations before entering the accession process, he said.

Razzaque noted that the accession process could also create opportunities for Bangladesh to attract investment from RCEP member countries.

The bloc’s strong regional supply chains could generate opportunities for Bangladesh in both exports and imports if the country can integrate into them, he added.

At the same time, Razzaque said, Bangladesh needs to assess whether RCEP members could seek greater market access for their goods as part of the accession negotiations.

Member countries may seek commitments from Bangladesh to reduce tariffs or increase market access for their goods, as is common in trade agreements, he said.


‘CONDUCT COST-BENEFIT ANALYSIS’


Mostafa Abid Khan, chief executive officer of the Bangladesh Foreign Trade Institute (BFTI), said Bangladesh should conduct a comprehensive cost-benefit analysis before pursuing accession.

He suggested that the government assess the impact of potential tariff reductions and increased imports from RCEP members on local industries.

Echoing CPD’s Mustafizur, he noted that joining the RCEP could give Bangladesh improved market access to the Association of Southeast Asian Nations (ASEAN) and other member economies.WHAT IS RCEP?

The RCEP is a free-trade agreement among 15 economies — 10 ASEAN members, Australia, China, Japan, South Korea and New Zealand. Negotiations for the agreement formally launched in 2012, and the agreement was signed in November 2020. India participated in the negotiations but withdrew from the process in 2019.

The RCEP represents around 30 percent of global GDP and about one-fourth of global trade, making it the world’s largest free-trade agreement by economic size.

The bloc also accounts for around 31 percent of global foreign direct investment, according to estimates cited by trade researchers.​