Dhaka, Seoul set to sign MoU to cement trade ties

Bangladesh and South Korea are set to ink a memorandum of understanding (MoU) with an eye to further enhancing trade and investment relations between the two countries.

Seoul earlier sent a proposal to sign an MoU. Later, both countries exchanged opinions on the proposed instrument.

Recently, commerce ministry sat in a meeting to take the next course of action regarding the issue.

Currently, the two countries are working to sign an Economic Partnership Agreement (EPA) and necessary procedures are ongoing in this connection.

The EPA will be signed with intent to preserve and extend export market, including manpower migration, duty-free and quota-free market facility from Korea.

South Korea is a large bilateral trade partner of Bangladesh, although trade balance tilts in favour of the Korean republic.

When asked, a senior commerce ministry official said, "Bangladesh and South Korea have primarily agreed to sign an MoU that will be done within the shortest possible time. We're communicating with the country."

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