Commerce Adviser Sk. Bashir Uddin today (Monday) announced a historic breakthrough in bilateral trade relations, confirming that Bangladesh is set to receive duty-free market access for 99.9 percent of its products under a new Economic Partnership Agreement (EPA) with Japan.

“Out of 7,389 tariff lines, Bangladesh will be able to export almost all of its products to Japan at zero duty. This comprehensive access is expected to provide a massive boost to the country's export earnings as it prepares for graduation from Least Developed Country (LDC) status,” he said.

The adviser said this while speaking at a press conference at the Ministry of Commerce in the city.

Bashir noted the speed of the negotiations, stating that while other regional neighbors took 15 to 20 years to secure similar agreements, Bangladesh successfully concluded the process within a single year.

“In return, Bangladesh has offered duty-free access to 1,070 Japanese products,” he mentioned.

The Adviser emphasized that this move would have a minimal impact on national revenue—estimated at less than Taka 20 crore annually—because many of these items, such as food products, yarn, and machinery, already benefit from zero or low duty rates.

For other sectors, he informed that the agreement includes a transition period of up to 18 years, allowing local industries sufficient time to enhance their capacity and competitiveness within the World Trade Organization (WTO) framework.

Bashir described the EPA as a high-level bilateral agreement that extends beyond simple trading of goods to include services and investment.

“Japan has opened 120 sectors to Bangladesh, while Bangladesh has opened 92 sectors to Japan,” he added.

He said that the agreement will create a massive market for Bangladeshi professionals. “Due to Japan's aging population, there is a high demand for nurses, caregivers, industrial workers, engineers, and doctors,” he added.

To meet Japan's requirements, he said, several language institutes are being established in Bangladesh to help students and workers gain the necessary certifications for Japanese employment.

The Adviser underscored that this bilateral agreement is a significant step toward trade liberalization that will ultimately benefit Bangladeshi consumers.

By opening markets and encouraging Japanese investment, he mentioned that the government aims to foster technology transfer and create widespread domestic employment.

The Adviser concluded by praising the negotiating team for securing this historic opportunity that opens a new horizon for the national economy. Commerce Secretary Mahbubur Rahman, among others, spoke on the occasion.

In a landmark milestone for bilateral relations, Bangladesh and Japan on Friday officially signed the EPA in Tokyo. This marks the first time Bangladesh has signed an EPA with any country, signaling a new era of bilateral cooperation.

The agreement was signed at the Japanese Ministry of Foreign Affairs by Commerce Adviser Sheikh Bashir Uddin, on behalf of the Government of Bangladesh, and HORII Iwao, Japan’s State Minister for Foreign Affairs.

The final agreement is the result of seven rounds of negotiations held in Dhaka and Tokyo, covering trade in goods and services, investment, and economic cooperation.

The EPA is expected to significantly increase Japanese Foreign Direct Investment (FDI) in Bangladesh, particularly in manufacturing, infrastructure, energy, and logistics.

The integration of advanced Japanese technology and investment will enhance the quality of domestic products, making Bangladesh more competitive globally.

Furthermore, the agreement is envisioned as a powerful tool for inclusive economic growth. It aims to foster the development of Small and Medium Enterprises (SMEs) and create a highly skilled workforce, contributing to the overall socio-economic development of Bangladesh.