Seoul moots trade framework deal with Dhaka

Seoul has proposed to sign a bilateral trade and investment framework between Bangladesh and South Korea with an eye to further strengthening business ties.
Sources said South Korean commerce minister Duk-geon Ahn recently gave the proposal during a meeting with Bangladesh Ambassador in Seoul Md Delwar Hossain.
Following the meeting, the Bangladesh mission has already convened the proposal to the commerce ministry here for taking the next course of action on the issue.
An official said, "We have received a letter from the Bangladesh mission in Korea on the singing of the proposed agreement and we are working on the issue."
According to the envoy, the proposed deal will create scope for comprehensive economic cooperation between the two countries.
Even both countries will benefit mutually in the event of signing sectoral framework agreements and determining the future course of action.
He has suggested considering the issue during the next visit of the commerce minister at a convenient time.
South Korea has already executed similar framework deals with seven countries - the United Arab Emirates, Dominican Republic, Peru, Bahrain, Poland, Madagascar and Uzbekistan.
The meeting also discussed comprehensive cooperation between the two countries, especially human resources development, technical support for infrastructure development, environmental management, priority trade and potential issues.
Currently, it provides duty-free market access to Bangladesh in 95 per cent of tariff lines.
Bangladesh and Korea are the members of the Asia-Pacific Trade Agreement (APTA). Both countries have been maintaining good bilateral trade ties for a long time.
Korea will not provide duty-free, quota-free (DFQF) market access to products from Bangladesh unilaterally after its graduation in 2026, according to the embassy letter sent earlier.
The East Asian nation has informally informed the Bangladesh embassy in Seoul of its reluctance to unilaterally give DFQF access in favour of Bangladeshi goods, reads the letter.
Currently, Bangladesh enjoys DFQF access to the developed and advanced developing markets as a member of the World Trade Organisation, which is known as the generalised system of preference (GSP) facility.
Bilateral trade between Bangladesh and Korea has already crossed $3.0 billion.

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