REFAYET ULLAH MIRDHA

Bangladesh is hopeful of signing a Comprehensive Economic Partnership Agreement (CEPA) with South Korea within the year as the two sides are set to hold the third round of negotiations in Seoul today.

A delegation of the commerce ministry has left the country to join the negotiation with the South Korean side. Both Bangladesh and South Korea have been engaging in negotiations in 13 areas for signing the CEPA.

The agreement will cover not only tariff issues but also commodity market access, services, rules of origin, economic cooperation and investment.

The economic relationship between the two countries has grown considerably in recent years. Bilateral trade now exceeds $3 billion annually, with Bangladesh’s exports to South Korea topping $2 billion, dominated by readymade garments alongside home textiles, leather goods, frozen food, ceramics, pharmaceuticals, jute products, and more.

Besides, South Korean investment in Bangladesh stands at over $2 billion, concentrated largely in the textile and clothing sector. South Korea also holds the distinction of establishing Bangladesh’s first exclusive foreign Export Processing Zone. The East Asian nation is also one of the top sources of Foreign Direct Investment (FDI), especially in the textile and clothing sector.

The major import items of Bangladesh from South Korea include iron and steel, plastics, and articles thereof, machinery, mechanical appliances, boilers, paper Once The UN