The goal of the ongoing negotiations between Dhaka and Seoul is to conclude an Economic Partnership Agreement (EPA) in order to alleviate the growing trade deficit between the two countries. This development resulted from a discussion held on Wednesday at the Ministry of Foreign Affairs between Foreign Secretary Md. Jashim Uddin and South Korean Ambassador to Bangladesh, Park Young-sik.
Both sides emphasised throughout their talks how the proposed EPA may strengthen economic cooperation while fostering balanced and sustainable growth in bilateral trade. The foreign secretary acknowledged South Korea’s important role as a major foreign investor in Bangladesh while expressing pleasure with the trend towards increasing trade volumes.
Furthermore, he noted that Bangladeshi commodities were granted privileged market access under the frameworks of the Asia-Pacific Trade Agreement and the Least Developed Countries (LDC). In order to draw in more foreign investment, the ambassador underlined the significance of establishing a stable, predictable, and business-friendly climate.
In addition, the Korean Embassy in Dhaka conveyed that it was excited to work with the interim administration to find methods to improve Bangladesh’s investment environment. The foreign secretary also conveyed appreciation for South Korea’s Employment Permit System (EPS), which has given Bangladeshi workers in South Korea access to employment opportunities, and expressed hope for a rise in the number of Bangladeshi nationals entering shipbuilding, agriculture, and fishing.
He also supported increasing the quantity of scholarships South Korea gives to students from Bangladesh. In order to further international peace, security, and free trade as well as each other’s interests on the international scene, both parties reiterated their commitment to working together in international forums.
