Bangladesh seeks New Zealand’s support for RCEP

Bangladesh has sought New Zealand’s support to join the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade pact.

The request was made on Sunday during a bilateral meeting between Commerce Minister Khandaker Abdul Muktadir and New Zealand Trade and Investment Minister Todd McClay in Yaounde, on the sidelines of the World Trade Organization conference, according to a press release.

Muktadir highlighted Bangladesh’s strategic geographical position at the crossroads of South Asia and Southeast Asia, along with its growing middle class, as key factors for inclusion in the pact.

He said the newly elected government is focused on integrating into global value chains and fostering a business-friendly environment for trade-led growth.

In response, New Zealand’s trade and investment minister praised Bangladesh’s economic potential and described the country as a “suitable partner” for RCEP. He assured cooperation in coordinating with other member states regarding Bangladesh’s inclusion.

McClay also proposed initiating negotiations for a bilateral free trade agreement to expand trade and signal a positive environment for investors.

The RCEP, which includes 15 Asia-Pacific nations such as China, Japan, and Australia, accounts for 30 percent of global GDP. It features unified rules of origin and 90 percent tariff elimination to streamline regional supply chains.

The meeting also touched upon Bangladesh’s broader trade strategy following its graduation from the least developed country category.

Muktadir noted that Bangladesh has already signed an economic partnership agreement with Japan, with negotiations underway with South Korea, Singapore, and the United Arab Emirates.

Commerce Secretary Mahbubur Rahman and senior officials from both nations were present.