‘CEPA’ Agreement Signed Between Bangladesh and South Korea

A Comprehensive Economic Partnership Agreement (CEPA) has been formally signed between Bangladesh and South Korea with the aim of increasing bilateral trade and strengthening economic cooperation.
The agreement was signed in the presence of delegations and trade ministers of the two countries at a ceremony held at the Ministry of Commerce on Tuesday (August 4). Under this agreement, 97 percent of Bangladeshi goods and services will receive preferential tariff benefits in the South Korean market. On the other hand, 87 percent of South Korean goods in the Bangladeshi market will come under special tariff benefits.
According to the signed agreement, ready-made garments, leather and leather products, and jute products from Bangladesh will get extensive opportunities to export to the Korean market on a preferential basis. In return, certain agricultural products and plastic products from South Korea will get special tariff benefits in the Bangladeshi market.
At the ceremony, the Bangladesh Commerce Minister said that South Korea will work as one of the closest and strongest partners in achieving the far-reaching goal of rapid development of the country’s economy. At the same time, this agreement will attract a large amount of foreign direct investment to the country.
On the other hand, the South Korean Trade Minister said that the agreement will play a significant role in technological and digital transformation as well as integrating the economic supply chains of the two countries. He further commented that it will open up huge potential for trade expansion for Korean businesses and institutions in Bangladesh.