Ministry of Trade, Industry and Energy

Minister for Trade Inkyo Cheong of the Republic of Korea and the commerce adviser of Bangladesh's interim government, Sheikh Bashir Uddin, jointly announced the launch of negotiations for the Korea-Bangladesh Economic Partnership Agreement (EPA) today in Seoul. The two sides also entered into a Trade and Investment Promotion Framework (TIPF) to foster a comprehensive cooperation base.

The eighth most populous country in the world, Bangladesh is a fast-growing economy in Southwest Asia with an average growth rate of 6.6 percent per year over the last three years and home to many Korean textile and sewing businesses. As functional textiles and other local clothing industries in Bangladesh are seeking to create higher value-added products, Korean firms can look forward to wider opportunities for supply chain collaboration. Moreover, the Bangladeshi government is currently pushing policies for establishing public-led infrastructure for power supply, roads, and aviation to spur economic growth, which is expected to further boost Korean construction and engineering companies’ local project participation.

Trade Minister Cheong remarked that the TIPF agreement signed today lays down the basic framework for comprehensive bilateral economic cooperation, through which the two countries can engage in EPA negotiations for opening of markets and establish a solid institutional base for broader cooperation. He added that through these efforts, Korea and Bangladesh can diversify their bilateral trade items and move forward towards electronics, digital, and other areas that Bangladesh is aiming to nurture. 

The two countries plan to hold the first official negotiating round for a bilateral EPA during the first half of 2025.