Bangladesh-South Korea trade deal draft to be finalised by December
Bangladesh and South Korea have agreed to finalise the draft of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries by next December. Once the draft is finalised, preparations will be made for formally signing the agreement at a high level.
The consensus was reached at a bilateral meeting between Commerce Minister Khandaker Abdul Muktadir and South Korean Ambassador to Bangladesh Kim Ji-hoon at the Secretariat on Tuesday (10 November).
The meeting discussed expanding trade and investment between the two countries, as well as various problems faced by Korean companies operating in Bangladesh. The commerce minister assured that the operational and import-related complications of Korean investors would be resolved on a priority basis.
At the meeting, Ambassador Kim Ji-hoon said it is essential to finalise the CEPA quickly to further expand trade and economic relations between the two countries. He said South Korea has already conveyed its position to Bangladesh on the draft agreement and the detailed questionnaire.
About 200 Korean companies are currently operating in Bangladesh. Highlighting various operational challenges of these firms, the ambassador said there are administrative complications in importing research materials and samples for Samsung's research and development (R&D) centre, delays in clearing import permits (IP), and policy-related obstacles from the customs department.
He sought the commerce minister's cooperation in resolving these problems.
In reply, the minister said the commerce ministry will work to resolve the Korean investors' problems quickly. For this purpose, a joint coordination meeting will soon be organised with the commerce ministry, the National Board of Revenue (NBR), the finance ministry and Korean investors.
In addition, he directed that a joint secretary of the commerce ministry be assigned as the focal point to resolve import-related complications of Korean investors, including Samsung.
The commerce minister also said initiatives are being taken to make the visa process easier and to make the issuance of import permits fully online-based and instant.
At the meeting, the commerce minister also proposed joint investment in the shipbuilding sector. He highlighted the possibility of building a specialised 'Design and Development Centre' in Bangladesh, using local engineers and manpower to meet global demand in this sector.
The South Korean ambassador responded positively to the proposal. He expressed interest in exploring opportunities for long-term technology transfer and joint investment in coordination with the country's leading shipbuilders, Hanwha Ocean and Hyundai Heavy Industries.
The supply of liquefied natural gas (LNG) was also discussed at the meeting.
Commerce Secretary Sharaf Uddin Ahmed Chowdhury, Additional Secretary (WTO) Khadija Nazneen and senior officials of the commerce ministry were present at the time.
