Bangladesh needs to fast-track FTAs, feels Korean envoy

This is as per reports, which added the Korean envoy underscored the urgency, noting the prolonged nature of such negotiations and the narrowing window for Bangladesh.

Park highlighted the procedural complexities involved in initiating FTAs in Korea, necessitating internal approvals including parliamentary endorsement. With Korea immersed in multiple FTA negotiations, he stressed the current opportune moment for Bangladesh to embark on bilateral Economic Partnership Agreement (EPA) negotiations.

Emphasising the potential of an EPA, Park outlined its role in rectifying Bangladesh-Korea trade imbalances.

Despite bilateral trade surpassing $3 billion, Bangladesh’s exports to Korea reportedly remain overshadowed by shipments from Korea.

Park clarified Korea’s lack of strategic interests akin to larger economies, emphasising mutual benefits through an EPA.

He underscored the imperative for Bangladesh to enhance its apparel exports to Korea, a market dominated by countries with existing FTAs.

An EPA could catalyse Bangladesh’s RMG market share growth, offering a competitive edge.

Beyond RMG, Park identified sectors ripe for cooperation under an EPA, including footwear, leather, ICT, pharmaceuticals, and agriculture.

Despite discussions since 2023, substantive progress has been lacking. However, positive responses from the Korean Ministry of Trade, Industry and Energy indicate potential for advancement.

Park referenced high-level discussions between Korean and Bangladeshi officials, signalling increasing momentum.

The recent interaction between trade ministers at the WTO Ministerial Conference further underscores bilateral commitment to EPA negotiations.

Fibre2Fashion News Desk (DR)