The aim is to secure duty-free access to its largest export destination in the period following graduation from the least developed country (LDC) status in 2026, according to commerce secretary Mahbubur Rahman.
The government has given approval to begin the negotiation process with the EU for that, he told a seminar on the Bangladesh-US tariff issue organised by the Bangladesh Institute of International and Strategic Studies (BIISS).
Concluding the EPA negotiations with the EU may take three years and the EU has assured that it will allow zero-duty trade benefits for Bangladesh up to 2029, Rahman was cited as saying by domestic media reports.
The government is prioritising signing free trade agreements (FTAs) with its major trade partners. It has concluded the final round of negotiations for signing an EPA with Japan. The first round of negotiations for signing a Comprehensive Economic Partnership Agreement (CEPA) with South Korea was completed last month.
On reducing the trade gap with the United States, Bangladesh has been constructing warehouses to facilitate the import and sale of US cotton, he added.
ALCHEMPro News Desk (DS)
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