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, bdnews24.com reports.
"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.
According to him, Bangladesh's large young and working-age population would remain a major driver of future economic growth at a time when many countries are facing rapidly ageing populations.
He noted that the government's role centres on creating a supportive environment for the private sector to spur employment and attract investment rather than directly running businesses.
He added that the deal lays down that supportive pathway to expand bilateral trade.
Muktadir voiced optimism that established and emerging export industries -- including jute, leather, technology sectors like IT and semiconductors, global-standard pharmaceuticals, shipbuilding, ship recycling, and light engineering -- will draw substantial foreign capital.
Reinforcing Bangladesh’s position in global trade, the minister said the government is actively pursuing free trade agreements (FTAs) with several other nations.
Formal FTA negotiations with the Regional Comprehensive Economic Partnership (RCEP) alliance and the European Union will begin soon, he added.
Asked about concerns that the agreement had been finalised in haste, the minister firmly rejected the claim.
"There was no rush or negligence involved, the work was carried out with great efficiency. Negotiations that typically take more than two years to wrap up internationally were completed successfully within just six months, through round the clock effort."
He pledged full transparency on the bilateral pact. "Nothing about this agreement will remain hidden. The full text will be published, and citizens and experts alike will be able to scrutinise every line."
"Under the visionary leadership of Prime Minister Tarique Rahman, the Bangladesh government has made this landmark decision, placing the country's economic interests at the very top of its agenda," he 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.
