Bangladesh, South Korea agree to finalise CEPA draft 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 begin for a formal signing at a high level.
The agreement was reached at a bilateral meeting on Tuesday (10 November) at the Secretariat between Commerce Minister Khandaker Abdul Muktadir and South Korean Ambassador to Bangladesh Kim Ji-hoon.
At the meeting, the commerce minister assured that the operational and import-related problems of Korean investors would be resolved on a priority basis. He also proposed joint investment in the shipbuilding sector and setting up a specialised 'Design and Development Centre' in Bangladesh, using local engineers and manpower.
The South Korean ambassador expressed interest in finalising the CEPA quickly to expand bilateral trade and economic relations. He said South Korea has already conveyed its position to Bangladesh on the draft agreement and the detailed questionnaire. The meeting discussed the finalisation of the agreement and the next steps in detail.
Discussing ways to increase Korean investment, Khandaker Abdul Muktadir assured the country of the necessary cooperation. He said a joint coordination meeting involving the Commerce Ministry, the National Board of Revenue (NBR), the Finance Ministry and Korean investors will be organised soon to quickly resolve investors' policy problems.
The ambassador raised various operational challenges faced by around 200 Korean companies operating in Bangladesh. In particular, he asked for the removal of administrative complications in importing research materials and samples for Samsung's research and development (R&D) centre, long delays in clearing import permits (IP), and customs policy obstacles.
In response, Khandaker Abdul Muktadir directed that a joint secretary of the Commerce Ministry be assigned as a focal point to quickly resolve the import-related complications of Samsung and other Korean investors. The commerce minister said work is under way to simplify the visa process and to make IP issuance fully online and in real time.
The meeting also discussed the commerce minister's proposed Design and Development Centre for expanding cooperation in shipbuilding. He highlighted the possibility of meeting global demand through joint ventures using local engineers and manpower.
The ambassador responded positively to the proposal. He expressed interest in exploring long-term technology transfer and joint investment opportunities in coordination with South Korea's leading shipbuilders Hanwha Ocean and Hyundai Heavy Industries. LNG supply was also discussed at the meeting.
Commerce Secretary Sharaf Uddin Ahmed Chowdhury, Additional Secretary (WTO) Khadija Nazneen and senior ministry officials were present at the meeting.
