Bangladesh moves to sign FTA with S Korea

Commerce Minister Khandakar Abdul Muktadir on Saturday said Bangladesh is moving forward with discussions to sign a Free Trade Agreement (FTA) with South Korea to boost exports and strengthen bilateral trade ties.

"The proposed FTA would open up new opportunities for Bangladesh's export sector and help local products become more competitive in global markets," he said while addressing a discussion after visiting the country's first beet sugar mill at Ramganj Bilashi Char in Debiganj upazila of Panchagarh.

Annual bilateral trade between Bangladesh and South Korea currently exceeds $3.0 billion. Bangladesh exports goods worth more than $600 million to South Korea, while imports from the East Asian country stand at over $2.4 billion.

Bangladesh mainly exports apparel items, including sweaters, T-shirts and non-knit men's suits, while importing refined petroleum products, pesticides and coated flat-rolled iron from South Korea.

More than 40,000 Bangladeshi students and skilled workers are currently residing in South Korea, he added.

"We are working to reduce cargo transportation and export costs so that Bangladeshi products can compete more effectively in global markets," the minister said.

He also stressed the need to fully digitise certification services of the Export Promotion Bureau (EPB) to ease complications faced by exporters.

"If necessary, branch offices may also be established in nearby areas for the convenience of entrepreneurs," he added.

The minister said the government remains committed to supporting innovative and export-oriented agro-industrial initiatives, including the country's first beet sugar project.

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