CEPA with Korea to open new chapter in ties: minister

The proposed Comprehensive Economic Partnership Agreement (CEPA) between Bangladesh and South Korea would lay the foundation for a long-term trade and investment partnership, Commerce Minister Khandakar Abdul Muktadir said today.

He said the agreement would go beyond a conventional trade deal and help deepen cooperation in trade, investment, industrialisation and innovation.

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The minister made the remarks at a dinner hosted in honour of South Korean Trade Minister Han-Koo Yeo at Hotel Sonargaon in Dhaka, according to a commerce ministry press statement.

"The CEPA is not merely a bilateral trade agreement; it is a strong foundation for building a long-term economic partnership," he said.

Highlighting South Korea's rapid economic transformation, he said its development experience offers valuable lessons for Bangladesh as it prepares to graduate from the least developed country (LDC) category and integrate further into the global economy.

Bangladesh-South Korea relations have evolved from development cooperation into a broader partnership covering trade, investment, industrialisation, innovation and shared prosperity, the minister said, adding that the CEPA would further strengthen and expand that cooperation.

He also praised the commitment of officials, negotiators, technical experts and stakeholders from both sides involved in the negotiations, expressing optimism that the agreement would be signed soon once remaining legal and procedural formalities are completed. 

Describing Bangladesh as his ‘second home’, Han-Koo Yeo said the country's growing economy, expanding industrial base and large consumer market present significant opportunities for increasing bilateral trade and investment.

Recalling his earlier posting in Chattogram, Yeo said that firsthand experience had motivated him to prioritise an early conclusion to the CEPA negotiations.

He said he hoped the agreement would reinforce investment and economic cooperation between the two countries over the next two decades by providing a stable, predictable legal framework for businesses.

The South Korean minister also urged the private sectors of both countries to capitalise on the opportunities the agreement would create and thanked the government and people of Bangladesh for their warm hospitality.