FROM PAGE 3

launched a series of trade and market diversification initiatives to address the challenges of the country’s transition to developing nation status.

To address the situation, he said an Economic Partnership Agreement (EPA) has already been signed with Japan, while discussions are ongoing on a Comprehensive Economic Partnership Agreement (CEPA) with South Korea.

The government has also taken initiatives to conclude EPA, CEPA or FTA agreements with other potential partners, including the European Union, RCEP countries, the UAE, Singapore, Indonesia and China, he added.

Responding to another query from lawmaker Jasim Uddin, the minister said Bangladesh’s overall trade deficit stood at US $24.16 billion in the 2024-25 fiscal year. “The trade deficit in the country has increased as a result of the wrong policies of the previous government,” he said.

“In addition, the global energy crisis, price increases due to the Russia-Ukraine war, the dollar crisis and the international market situation have also played an important role in the increase in the trade deficit. The deficit has grown due to high import costs of energy, food and industrial raw materials, compounded by the slow growth of exports.”

The minister outlined a range of measures the government has undertaken to reduce the deficit by boosting export earnings and diversifying both products and markets. He noted that while Bangladesh exported goods to 101 countries and regions in 2024-25, RMG sector still accounted for 84 percent of export earnings.