Bangladesh's push to join the world's largest free trade bloc moved a step closer after trade ministers of the Regional Comprehensive Economic Partnership (RCEP) gave final approval to set up an ad hoc Accession Working Group to fast-track the entry of four applicant economies, the Commerce Ministry said on Thursday.

The decision was taken at the 5th RCEP Ministers' Meeting in Manila, the Philippines, the ministry said in a press release. At the September 21 meeting, ministers formally endorsed a recommendation made by the RCEP Joint Committee.

Apart from Bangladesh, the applicants are Chile, Sri Lanka, and Hong Kong.

A joint statement issued after the meeting said the RCEP agreement remains committed to an open and inclusive framework.

As part of efforts to expand the bloc and in line with its roadmap for admitting new members, the working group will advance formal negotiations and technical processes with Bangladesh and other aspiring economies.

The bloc comprises the 10 ASEAN members along with China, Japan, South Korea, Australia and New Zealand.

The Commerce Ministry believes Bangladesh's inclusion in the mega trade bloc could be a major milestone for the economy.

It expects RCEP membership to play a game-changing role in helping the country tackle challenges after graduating from least developed country (LDC) status, retain duty-free access in global trade, deepen integration with global supply chains and draw more foreign direct investment (FDI).

The meeting stressed that close cooperation and constructive dialogue among members are key to building an effective, forward-looking regional economic integration.

Ministers from the RCEP member countries also reviewed the progress of the applicant economies and underscored the need to remove unnecessary barriers to international trade and to advance reform of the World Trade Organization (WTO).