On Tuesday (August 4), Commerce Minister Khondaker Abdul Muqtadir gave this information at a press briefing organized on the occasion of the 'CEPA Negotiation Conclusion Ceremony' after the signing of CEPA at the Ministry of Commerce.
The commerce minister said, within just five months of the current government taking office, it has been able to conclude the first free trade-based agreement with one of the world's largest economies. He described it as an important milestone in expanding Bangladesh's foreign trade.
He said that under the agreement, Bangladesh's major export sectors, including readymade garments, leather products, jute and jute products, will get significant tariff benefits in the South Korean market. On the other hand, Bangladesh will also enjoy benefits in importing agricultural products, plastics and spare parts used in various industrial sectors from Korea.
Khondaker Abdul Muqtadir said South Korea is an economy of about two trillion US dollars. Commercial partnership with such a large economy is very important for Bangladesh. He said the government has set a target of achieving around 8 percent economic growth to elevate Bangladesh to a trillion-dollar economy by 2034. To achieve this goal, increasing foreign investment is essential, and agreements like CEPA will play an important role in attracting investment.
At the event, South Korea's Trade Minister Yeo Han-ku said the history of economic relations between Bangladesh and South Korea is 56 years old. This cooperation, which began through the textile industry, has now entered a new phase.
He said that in line with the trend of product diversification in global trade, both countries need to increase the diversity of export and import products.
Yeo Han-ku expressed hope that under the leadership of Bangladesh's new government, the country's economy will become stronger. He also mentioned that cooperation between Bangladesh and Korea in technology, industrial development, supply chain and manufacturing sectors will be further expanded.
He further said that once CEPA takes effect, various Korean companies will be encouraged to invest in Bangladesh in a more favorable environment, which will further deepen the economic and commercial relations between the two countries.
