Triangular collaboration among Bangladesh, India, and Japan can promote trade, business, and economic growth because the three have comparable climates, cultures, and commercial practices, averred an international trade analyst.
If Bangladesh and India sign the proposed Comprehensive Economic Partnership Agreement (CEPA), a triangular relationship might also open up new opportunities for Bangladesh, according to Prabir De, a professor at the Research and Information System for Developing Countries (RIS) in New Delhi. This is because Japan and India have had a CEPA in place since 2011.
As a result, De said, if Bangladesh and India join a CEPA, a free economic zone-like environment will exist, benefiting trade between the three nations.
Trade Winds: Emerging Contour of Bangladesh-India-Japan Triangular Cooperation was the title of the inaugural webinar that SANEM International Trade Centre was hosting.
De added that Bangladesh had developed a lot of infrastructure such as the Matarbari deep seaport alongside railways, expressways and bridges but could not sustain them alone.
The expert added that tripartite cooperation might be a means of achieving Bangladesh’s goal of sustainability through its connections with its neighbours.
The three countries responded to the severe fallouts of COVID-19 and the war between Russia and Ukraine together, he added.
For example, he said, the tripartite cooperation might assist draw in investment in trade and commerce if Bangladesh’s export gains fade when it becomes a developing country in 2026.
He asserted that Bangladesh may easily conduct profitable business with northeastern India.
He continued by saying that there was now more opportunity for tripartite collaboration because of Japan’s involvement in development initiatives in northeastern India.
According to the expert, Bangladesh has emerged as a desirable location for global apparel retailers like Zara, H&M, and Uniqlo to source their goods.
He also said Bangladesh is an exporting nation and there are a lot of opportunities to export more goods to Japan and India if there is tripartite cooperation.
Bangladesh, India, and Japan boast strong cultural, economic, and strategic ties while Japan and India are key development partners for Bangladesh. The India-Bangladesh sub-region is a focal point for regional initiatives like BBIN and BIMSTEC, he added.
Both Japan and India are heavily invested in Bangladesh’s infrastructure, and free trade agreements are being explored.
