The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has welcomed the signing of the Comprehensive Economic Partnership Agreement (CEPA) between Bangladesh and South Korea, anticipating a significant boost to bilateral trade and exports. Under the agreement, nearly 97 percent of Bangladesh's exportable products will gain duty-free access to the South Korean market, potentially increasing Bangladesh's exports of ready-made garments and other products.
FBCCI Administrator Md Fazlul Hoque highlighted that the current trade volume between the two countries stands at approximately US$1.39 billion, with Bangladesh currently exporting US$492 million worth of products to South Korea. He expressed hope that the CEPA will help Bangladesh address the trade deficit and create new opportunities for various products in the South Korean market.
CEPA Impact and Future Prospects
The CEPA is expected to increase Bangladesh's exports of ready-made garments, leather goods, footwear, pharmaceuticals, and agricultural commodities to South Korea. South Korea imports around US$12 billion worth of apparel annually, with only about 3 percent currently coming from Bangladesh. The agreement is also expected to enhance technical cooperation and pave the way for future trade agreements with other countries.
