Bangladesh’s process of joining the world’s largest free trade bloc, the Regional Comprehensive Economic Partnership (RCEP), has moved another step forward. RCEP trade ministers have approved a recommendation to form a special or ad hoc working group to expedite the formal accession process for Bangladesh and three other countries and regions.

In a statement on Thursday, the commerce ministry said the decision was taken at the 5th RCEP Ministerial Meeting held in Manila, the capital of the Philippines, on September 21. At the meeting, ministers from member countries formally endorsed the recommendation made by the RCEP Joint Committee (RJC). Alongside Bangladesh, the process also involves Chile in Latin America, Sri Lanka in South Asia and Hong Kong, China.

In a joint statement issued after the meeting, the RCEP members said they remained committed to maintaining an open and inclusive framework. The working group will work to advance formal discussions and technical processes with interested countries, including Bangladesh, in line with the roadmap for expanding the bloc and admitting new members.

The meeting also stressed the importance of ensuring effective and future-oriented regional economic integration through close cooperation and constructive dialogue among member countries. It also focused on reviewing the progress of countries that have applied for membership, removing unnecessary barriers to international trade and advancing the reform process of the World Trade Organization (WTO).

Indonesian Vice Minister of Trade Dyah Roro Esti Widya Putri and Dr Shane Reti, a member of the Foreign Affairs, Defence and Trade Committee of the New Zealand Parliament, co-chaired the meeting.

RCEP comprises the 10 ASEAN member states, along with China, Japan, South Korea, Australia and New Zealand. As Bangladesh’s accession process moves forward, opportunities are emerging to expand the country’s trade and economic engagement with the bloc.

This could be particularly significant in the post-LDC graduation period, with potential implications for tariff preferences in international trade, integration into global supply chains and attracting foreign investment.