Duty-free trade facilities for BD in post-graduation era signalled

Japan is intent on step up engagement with Bangladesh under the heretofore-dormant Bay of Bengal Industrial Growth Belt (Big-B) initiative and also signals continued duty-free trade facilities even after Bangladesh's LDC graduation.

The desires of the host were expressed during the 6th round of Foreign Office Consultations (FOC) with Bangladesh, held Thursday in Tokyo on wide-ranging agenda that also focused Indo-Pacific cooperation affairs.

Also, the industrially developed country of Asia intends to promote high-quality infrastructure projects and encourage Japanese manufacturing and production companies to expand their value chains into Bangladesh under the initiative codenamed Big-B, said officials of the foreign ministry in Dhaka.

"These efforts are aligned with Japan's broader vision of a Free and Open Indo-Pacific and its commitment to sustainable development of the region," said a spokesman for the foreign ministry.

A significant development happens to be Japan's positive stance on Bangladesh's request to maintain Duty-Free Quota-Free (DFQF) market access for Bangladeshi products during the post-graduation era after the country's exit from the least-developed country (LDC) club.

Japan also pledged support for improving market access for Bangladeshi fruits and vegetables.

The Bangladesh delegation was led by Ambassador Dr Md. Nazrul Islam, Secretary (East) of the Ministry of Foreign Affairs, while AKAHORI Takeshi, Senior Deputy Minister for Foreign Affairs of Japan, headed the host side.

Held in a "warm and congenial environment", the consultations encompassed comprehensive discussions on political, economic, and sectoral cooperation, with special focus on trade and investment, people-to-people connectivity, cultural exchanges, the Rohingya crisis, regional and global developments, and security partnerships, the spokesman added.

The two sides reviewed the progress made since the 5th round of FOC held in June 2024 in Dhaka and looked for future avenues of cooperation, including the upcoming visit of the Chief Adviser of Bangladesh to Japan.

Key areas of discussion included cooperation in human-resource development, energy transition through a joint crediting mechanism, climate-change adaptation, disaster and earthquake management, and collaboration on Effluent Treatment Plants (ETP), Treatment Storage and Disposal Facilities (TSDF), solar-power projects, agricultural mechanisation, and modernisation of shipyards.

Japan reaffirmed its strong support for Bangladesh's interim government and its reform agenda, reassuring continued assistance for the country's socioeconomic uplift.

Bangladesh, in turn, sought enhanced Japanese support through increased Official Development Assistance (ODA) concessional loans, extended loan-repayment periods, and budgetary support to bolster its development initiatives.

Tokyo also commended Bangladesh's continued efforts in sheltering the forcibly displaced Myanmar nationals (Rohingyas) and reiterated its commitment to their early and voluntary repatriation to Myanmar. Tokyo confirmed it would continue providing humanitarian assistance to the Rohingya population.

The two sides exchanged views on key regional and international developments and reaffirmed their commitment to strengthening collaboration on multilateral platforms, addressing global challenges and mutual interests.

The consultations concluded with a shared vision to fully leverage the strategic partnership between the two countries by integrating resources, geographical advantages, and development capacities to enhance the wellbeing of the two peoples, officials added.

mirmostafiz@yahoo.com