The South Korean government is accelerating negotiations for a Comprehensive Economic Partnership Agreement (CEPA) with Bangladesh to explore promising emerging markets and diversify export markets.
The Ministry of Trade, Industry and Energy announced on July 27 that the fifth official round of South Korea-Bangladesh CEPA negotiations will take place in Seoul until July 31. The negotiations will be led by Park Geun-o, Director of Trade Agreement Policy, on the South Korean side, and Ayesha Akhtar, Director of the External Trade Agreement Office at the Ministry of Commerce of Bangladesh, on the Bangladeshi side, with around 60 representatives from both countries participating.
Since declaring the start of negotiations in November 2024, the two countries have held four official rounds of talks and several interim discussions. As a result, they have laid the groundwork for progress by concluding discussions on agreements in four areas: customs, rules of origin, sanitary and phytosanitary measures (SPS), and technical barriers to trade (TBT).
In this fifth round of negotiations, the focus will be on reconciling issues across eight sectors, including goods, services, and investment, based on the outcomes of previous discussions.
Bangladesh, with a population of 170 million, ranks as the eighth largest in the world and has recorded an average economic growth rate of over 6% since 2000. Notably, it is preparing to graduate from its least developed country (LDC) status in November this year and is actively pursuing membership in the Regional Comprehensive Economic Partnership (RCEP) and free trade agreements (FTAs) with major countries like Japan, signaling a commitment to market openness.
If the South Korea-Bangladesh CEPA is finalized, it is expected to significantly expand the export base of South Korea's key products, such as automobiles and petrochemicals, to Bangladesh, and enhance economic cooperation in various future industries, including infrastructure, manufacturing, and digital sectors.
Park Geun-o emphasized, "Bangladesh is a key market in rapidly growing South Asia, and the CEPA will greatly contribute to our companies' entry into the South Asian market and diversification of supply chains. We will do our utmost to resolve the remaining issues in this negotiation and conclude it as soon as possible."
The Ministry of Trade, Industry and Energy announced on July 27 that the fifth official round of South Korea-Bangladesh CEPA negotiations will take place in Seoul until July 31. The negotiations will be led by Park Geun-o, Director of Trade Agreement Policy, on the South Korean side, and Ayesha Akhtar, Director of the External Trade Agreement Office at the Ministry of Commerce of Bangladesh, on the Bangladeshi side, with around 60 representatives from both countries participating.
Since declaring the start of negotiations in November 2024, the two countries have held four official rounds of talks and several interim discussions. As a result, they have laid the groundwork for progress by concluding discussions on agreements in four areas: customs, rules of origin, sanitary and phytosanitary measures (SPS), and technical barriers to trade (TBT).
In this fifth round of negotiations, the focus will be on reconciling issues across eight sectors, including goods, services, and investment, based on the outcomes of previous discussions.
Bangladesh, with a population of 170 million, ranks as the eighth largest in the world and has recorded an average economic growth rate of over 6% since 2000. Notably, it is preparing to graduate from its least developed country (LDC) status in November this year and is actively pursuing membership in the Regional Comprehensive Economic Partnership (RCEP) and free trade agreements (FTAs) with major countries like Japan, signaling a commitment to market openness.
If the South Korea-Bangladesh CEPA is finalized, it is expected to significantly expand the export base of South Korea's key products, such as automobiles and petrochemicals, to Bangladesh, and enhance economic cooperation in various future industries, including infrastructure, manufacturing, and digital sectors.
Park Geun-o emphasized, "Bangladesh is a key market in rapidly growing South Asia, and the CEPA will greatly contribute to our companies' entry into the South Asian market and diversification of supply chains. We will do our utmost to resolve the remaining issues in this negotiation and conclude it as soon as possible."
* This article has been translated by AI.
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