The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) marked its 27th Anniversary on June 6, 2024. As Bangladesh navigates its transition from Least Developed Country (LDC) status, being a signatory of the BIMSTEC, the Framework Agreement on BIMST-EC Free Trade Area presents an opportunity to secure greater market access, reduce trade barriers, and improve investment prospects. This article examines the current state of trade relations among BIMSTEC member countries and analyzes the ongoing negotiations encompassing the BIMSTEC Free Trade Area (FTA). It explores the potential economic benefits that the FTA could offer Bangladesh, particularly in enhancing its market access, fostering regional integration, and strengthening economic cooperation. The article also identifies the challenges Bangladesh may encounter in fully leveraging the BIMSTEC FTA, such as barriers to trade and investment, and the slow progress of FTA negotiations. The methodology involves the use of secondary data from international agencies and related publications, analyzed thematically to align with the article’s objectives. To address the challenges, the article offers recommendations aimed at overcoming these challenges, including accelerating FTA talks, improving trade facilitation, and enhancing cooperation within the BIMSTEC framework. By doing so, the article highlights the potentials for Bangladesh to capitalize on regional opportunities and advance its economic growth.
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