Bangladesh's process of joining the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade block, has now advanced to the stage of formal discussions.
The trade bloc has agreed to move forward with the technical review regarding the membership applications of four economies, including Bangladesh.
To this end, trade ministers of RCEP have approved the establishment of a dedicated Working Group.
The decision was finalized on September 21 in Manila, during the 5th RCEP Ministerial Meeting.
The formation of the new Working Group followed recommendations made by the RCEP Joint Committee (RJC).
The meeting was co-chaired by Indonesia’s Vice Minister of Trade Dyah Roro Esti Widya Putri, and New Zealand Member of Parliament (Foreign Affairs, Defence and Trade Committee) Shane Reti.
Alongside Bangladesh, the three other economies currently progressing through this accession phase are Chile, Sri Lanka, and Hong Kong (China).
RCEP comprises 15 economies—the 10 Asean member states plus China, Japan, South Korea, Australia, and New Zealand.
Officially entering into force in 2022, the combined economy of RCEP member nations is projected to reach approximately $32.3 trillion by 2025, representing one of the largest global markets for trade and investment.
Following its initial application, Bangladesh is now entering the phase of formal negotiations and required technical evaluation with member states.
However, the approval to establish a Working Group does not guarantee immediate membership.
To secure full accession, Bangladesh must negotiate market access, trade terms, and RCEP rules with member countries.
Key factors in these negotiations will involve protecting Bangladesh's export interests, duty preferences, and domestic industrial capacity, as well as aligning with RCEP's regulatory frameworks.
According to the RCEP joint statement, the Working Group will advance formal discussions and technical procedures with applicant economies in accordance with the accession roadmap.
This affords Bangladesh the opportunity not only to seek approval from member states but also to present its trade position across key areas—particularly trade in goods and services, investment terms, and market access conditions—which will be vital for future trade privileges.
Trade experts note that RCEP membership discussions are especially critical for Bangladesh in light of its upcoming graduation from Least Developed Country (LDC) status.
As existing preferential trade benefits phase out, new trade agreements will be necessary to sustain export volumes in major markets.
In this context, RCEP membership could provide tariff relief, access to expanded markets, and deeper integration into regional supply chains, while making Bangladesh a more attractive destination for international investors.
However, to fully capitalize on these opportunities, enhancing the competitiveness of domestic industries and aligning national regulations with RCEP trade standards will be crucial. Experts point out that a key area of discussion will be evaluating how well local industries can withstand competition from increased imports.
The joint statement further highlighted that the meeting reaffirmed support for reducing unnecessary trade barriers and advancing World Trade Organization (WTO) reforms.
Work will also continue on the future review and implementation of the RCEP agreement, with progress updates expected to be presented at the 2027 Ministerial Meeting.
