Bangladesh Considering Joining the RCEP Aiming to Secure Membership of the Indo-Pacific Trade Bloc

Bangladesh, India's eastern neighbour, is considering joining the Regional Comprehensive Economic Partnership (RCEP), with the goal of becoming a member of the Indo-Pacific trade bloc.

According to local sources, the Bangladesh Ministry of Commerce (MoC) is expected to send a formal proposal for the country's membership to the depository and temporary secretariat of the world's largest trade bloc at the ASEAN headquarters by September.

The decision to join the forum resulted from a workshop on the subject held in Dhaka on August 1. Participants in the workshop expressed support for signing a free-trade agreement (FTA) with RCEP members in order to address post-graduation challenges.

They believe that Bangladesh's commercial and strategic importance will increase in the regional and international environment if it joins the bloc.

According to a study conducted last year by the Bangladesh Trade and Tariff Commission (BTTC), Bangladesh's trade with RCEP-member countries is primarily focused on trade in goods.

It stated that if a free-trade agreement is signed with the bloc members, Bangladesh's exports could increase by 17% and GDP by 0.26 percent.

Bangladesh has preferential market access to many RCEP countries, either through PTAs or through GSP facilities.