Planning minister MA Mannan on Wednesday stressed the need for signing a Free Trade Agreement between Bangladesh and Japan for boosting bilateral trade, investment and economic cooperation.
‘Based on the experiences of the bilateral relationship between Bangladesh and Japan over the last 50 years, we’re looking forward to the next 50 years which is going to be much better, stronger and warmer,’ he said.
The planning minister said this while addressing a dialogue on ‘Bangladesh- Japan Partnership for the Next Development Journey’ as the chief guest at a hotel in Dhaka.
‘Japan would be a strong contender for signing a FTA with Bangladesh’, Mannan said, adding that once the FTA is signed, the bilateral trade relations would be smoother.
He also expressed his firm resolve that Bangladesh would become a self- reliant, prosperous and developed country by 2041 with which countries like Japan could be a very strong friend.
‘The next 50 years will be better for us. We would like to see Japan and other countries to stand beside us in our next journey,’ he added.
The planning minister also said that Bangladesh provides highest importance to its relationship with Japan while with the completion of the work of the Special Economic Zone at Araihazar in Narayanganj, exclusively dedicated for the Japanese investors, the economic landscape between the two countries would be changed totally.
Japanese ambassador to Dhaka ITO Naoki said that Tokyo is considering to initiate a joint study on framing the FTA with Bangladesh.
‘If we can start the process and frame it, then this will help boost our economic partnership. But, this has to be reciprocal,’ he added.
Naoki noted that there was a need to train the Bangladeshi workforce for catering the needs of the Japanese market.
‘Both sides need to make more efforts. People should be trained to meet the needs of the Japanese market,’ the ambassador added.
JICA chief representative Yuho Hayakawa said that Bangladesh is a great and trusted friend of Japan while the existing comprehensive relationship would turn into a more strategic one and thus will become more strategic.
He suggested that Bangladesh should focus on accelerating inclusive growth, overcoming social vulnerabilities and building comprehensive cooperation.
The JICA chief representative informed that Bangladesh became the largest recipient of JICA loans in the fiscal year 2020-2021.
‘Japan was providing support in many mega projects of Bangladesh. Japan would stand beside Bangladesh in the energy sector and in addressing climate change issues,’ eminent economist Rehman Sobhan mentioned.
Japan-Bangladesh Chamber of Commerce and Industry President Asif A Chowdhury said that Bangladesh should sign FTA’s with as many countries as possible including Japan considering the graduation from a ‘Least Developed Country’ in mind.
He also suggested for forming a special cell on FTA at the ministry of commerce like the cell on World Trade Organisation.
According to official data, Japan disbursed USD 1.95 billion in 2021 as aid to Bangladesh, which was the highest in the past 50 years.
Organised by Centre for Policy Dialogue, member of parliament Kazi Nabil Ahmed spoke on the occasion as the special guest while Japanese ambassador to Bangladesh ITO Naoki and Bangladesh ambassador to Japan Shahabuddin Ahmed spoke as the guests of honour.
Research fellow of the CPD Syed Yusuf Sadaat made a presentation on the Bangladesh-Japan partnership for the next development journey while board member of Asian University of Women Kathy Matsui made the keynote presentation.
Besides, chief representative of Japan International Cooperation Agency Yuho Hayakawa, Tatsufumi Yamagata, CPD research director Khandaker Golam Moazzem, Kenta Goto of Kansai University, Japan-Bangladesh Chamber of Commerce and Industry president Asif A Chowdhury spoke as panel discussants.
On the other hand, renowned economist Rehman Sobhan spoke on the occasion virtually while former ambassador Faruk Sobhan also spoke at the event.