The RCEP, signed in November 2020, is the world’s largest free trade agreement, involving 15 countries, including the ten ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam), as well as Australia, China, Japan, New Zealand, and South Korea. With a combined population of around 2.2 billion people and a substantial portion of the global economy, RCEP presents a vast market for trade and investment.
By exploring the possibility of joining RCEP, Bangladesh aims to leverage the benefits of increased market access, reduced tariffs, and streamlined trade procedures. The agreement fosters economic integration among its member countries, promoting the flow of goods, services, and investments across borders. For Bangladesh, this could mean expanded export opportunities for its goods, especially garments, textiles, and other manufactured products, which are vital contributors to its economy.Source:- cnbc
Moreover, RCEP provides a framework for enhancing regional supply chains and promoting economic cooperation among countries. By becoming part of the agreement, Bangladesh seeks to position itself as an attractive destination for foreign investment and strengthen its manufacturing capabilities.
Source:-sgs news
Participating in RCEP would also enable Bangladesh to engage in a broader dialogue on regional economic and strategic matters. As the Indo-Pacific region gains increasing importance in global trade and geopolitics, being part of RCEP could open avenues for cooperation and collaboration with other member countries on a wide range of issues.
However, joining RCEP would require Bangladesh to align its trade policies and regulations with those of the existing member countries. It would also necessitate addressing potential challenges and concerns to ensure a smooth integration into the trade bloc.
As Bangladesh explores the possibility of joining RCEP, the move signifies its commitment to expanding its economic horizons and forging closer ties with its regional partners. By actively seeking opportunities in the Indo-Pacific region through RCEP, Bangladesh aims to enhance its economic competitiveness and contribute to the sustainable development and prosperity of the region as a whole
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