Seoul: South Korea and Bangladesh launched their official negotiations Monday for a comprehensive economic partnership agreement (CEPA), as Seoul's industry minister announced, with the aim of expanding South Korea's presence in the Southwest Asian market amidst global trade uncertainties. The first round of negotiations is taking place in Seoul and is scheduled to continue through Wednesday.
According to Yonhap News Agency, the Ministry of Trade, Industry and Energy reported that Bangladesh ranks as the eighth-largest country globally by population and is one of the fastest-growing economies in Southwest Asia. The ministry highlighted that Bangladesh has experienced an average economic growth of 6.6 percent over the past three years.
Kwon Hye-jin, the director general for FTA negotiations at the ministry, stated, "Signing a CEPA with Bangladesh will serve as a bridgehead for Korean companies to enter the Southwest Asian market, which holds great potential." The agreement is viewed as a strategic move to strengthen economic ties and provide new opportunities for businesses in both nations.