JBCCI stresses pvt sector's engagement

Japan-Bangladesh Chamber of Commerce and Industry (JBCCI) members have laid importance on the engagement of Bangladesh's private sector in the economic partnership agreement (EPA) negotiation between the two countries.

They emphasised this after noticing the private sector's absence at the end of the sixth round of negotiations.

The sixth round was held in Dhaka from June 21 to 26 in a hybrid format, according to a JBCCI press release on Tuesday.

The JBCCI standing committee, consisting of the organisation's board members and a few member companies, held a meeting on Monday and shared the current status of the agreement, highlighting the key negotiation challenges and potential benefits.

It also discussed the negotiation outcomes to reflect on the role of the private sector in the process.

Bangladesh and Japan have agreed to sign the EPA by the end of 2025 or in early 2026 to deepen and expand bilateral trade and investment, particularly after the former's graduation from the least developed country (LDC) status.

Presiding over Monday's meeting, JBCCI standing committee Chairman Asif A Chowdhury, also the chairman of Crown Navigation Co (Pvt) Ltd, shared the past activities of the EPA/FTA standing committee.

He said though the EPA, once signed, would significantly benefit the private sector, the latter's involvement has been largely overlooked by the Bangladesh side during the negotiation.

JBCCI President and Managing Director of NewVision Solutions Ltd Tareq Rafi Bhuiyan (Jun) reiterated the EPA's strategic importance.

He also stressed the need for active and structured involvement of the private sector to ensure that the final agreement is inclusive, practical, and truly reflective of the interests of all stakeholders.

JBCCI Founder Matiur Rahman, also its former president, expressed similar views and underscored the importance of greater private sector engagement to ensure a balanced and mutually beneficial agreement between Bangladesh and Japan.

Director of JBCCI Mohammed Sohel, also the managing director of Bangla Poshak Ltd, emphasised the need for government-level attention to several technical aspects of the EPA, including sector-specific tariff elimination, rules of origin, timelines, and customs regulations, to ensure a fair and mutually advantageous agreement.

As an expert in the readymade garment (RMG) industry and a director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), he also highlighted the urgency of ensuring fairer trade terms for the crucial sector, which plays a key role in the country's economic growth.

JBCCI Vice President and General Manager of ITOCHU Corporation's Dhaka liaison office Hiroaki Oura shared his perspective on the current negotiation status from the Japanese side, reaffirming the country's strong interest in the agreement.

smunima@yahoo.com