S. Korea, Bangladesh reach agreement in principle on CEPA

Bangladesh's Comprehensive Economic Partnership Agreement (CEPA) with South Korea has thrown open fresh avenues for trade expansion and foreign investment, Commerce Minister Khandakar Abdul Muktadir has said.

Muktadir outlined the pact's scope and the government's road ahead, brushing off suggestions the deal had been rushed through.

"South Korea entered this agreement anticipating a boost to its own exports in the years ahead,” he said at press conference at the Secretariat on Tuesday.

“Bangladesh shares that same expectation, greater access for our goods in the Korean market, and a fresh wave of Korean investment into the country," the minister added.

South Korea's Trade Minister Yeo Han koo and Bangladesh's Commerce Secretary Md Ataur Rahman Khan were present at the event.

The commerce ministry said that once the agreement takes effect, Bangladesh will secure immediate duty free access to the Korean market for 8,428 products from the very first day of signing.

Korea, in turn, will receive immediate duty free access to 1,054 products in the Bangladesh market.

Bangladesh's key export items, particularly readymade garments, leather and leather goods, and footwear among other products, will gain duty free entry into the Korean market from the day of signing.

Both countries have also made significant commitments on services trade under the pact.

Bangladesh has committed to opening 95 subsectors, with Korea offering 111 subsectors across four modes of service in return.