Bangladesh secures preferential access for 97% of exports to South Korea

Bangladesh and South Korea signed a comprehensive economic partnership agreement Tuesday that will provide preferential tariff access for 97% of Bangladeshi goods and 87% of South Korean exports.

Under the agreement, 8,428 Bangladeshi products will receive immediate duty-free access to South Korea, including ready-made garments, leather goods and jute products. South Korean agricultural products, plastics and spare parts will receive similar treatment in Bangladesh.

“This is our first comprehensive free trade agreement within five months of taking office,” commerce minister Khandakar Abdul Muktadir said.

Bilateral trade stands at about $1.39 billion, with Bangladesh exporting $491.73 million and importing $902.9 million from South Korea.

The agreement also expands access to service industries, with Bangladesh opening 95 subsectors and South Korea granting Bangladeshi providers access to 111 subsectors. Officials said the deal could increase investment, technology cooperation and employment.