EPA’s Fast Move with Korea Is Critical

With Bangladesh set to graduate from least developed country (LDC) status at the end of 2026, swift action to conclude an Economic Partnership Agreement (EPA) with South Korea is critical, South Korean Ambassador to Bangladesh Park Yong-sik said yesterday.

“Bangladesh does not have much time because the exit of the LDCs will come into force on November 24, 2026. Therefore, if negotiations on the EPA begin, both sides should make every effort to shorten the negotiation period,” he said.

“I have had many opportunities to witness long and tedious negotiations on the texts of free trade agreements (FTAs). If both countries can refer to the texts of other free trade agreements, they can save time and focus on important issues such as trade liberalization.”

He was speaking at a seminar titled ‘Korea-Bangladesh Economic Cooperation’ organized by the Foreign Investors Chamber of Commerce and Industry (FICCI) in collaboration with the South Korean Embassy at the Westin Dhaka.

EPAs and FTAs ​​are critical for countries graduating from LDC status as they enable them to secure market access, maintain competitive trade advantages and attract foreign investment, thereby promoting sustainable economic growth.

“I would like to point out that if it is decided to start bilateral negotiations on the EPA, Korea will not consider Bangladesh as an LDC but as a developing country. This means Bangladesh will have to pay attention to the issues Korea raises during the talks. “

Park added that Bangladesh plans to submit a formal document to join the Regional Comprehensive Economic Partnership (RCEP), an FTA between China, Japan, South Korea, Australia, New Zealand and 10 ASEAN member states.

“If Bangladesh’s entry is confirmed, it will begin bilateral consultations with each of the 15 member countries and decide whether it will accept the requests.”

The Ambassador also said, “Korean companies have been long-standing partners of Bangladesh, making significant contributions to the growth and success of the RMG industry. In recent years, we have seen remarkable developments in the diversification of areas of collaboration outside of RMG, especially in production and production. infrastructure”.

“However, the LDC graduation phase will require significant efforts from both the government and the private sector to overcome the many challenges that Bangladesh will face in the coming years,” he added.

Park also offered some sage advice on the upcoming achievement, saying, “Graduating from LDC status means Bangladesh should focus not only on the quantity but also on the quality of its economic growth.”

FICCI President Zaved Akhtar stressed that a collaborative approach is critical to drive innovation and development that will open up new investment opportunities.

“Now is the right time not only to regain confidence after some of the challenges of the last few months, but also to invest.”

Adilur Rahman Khan, Adviser to the Ministry of Industry and the Ministry of Housing and Public Works, said the government is working hard to create an investment-friendly environment.

Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority, said any foreign company intending to invest in Bangladesh would be treated fairly.

“Of course there are problems, and each country is a package. We too are a package and we have our own set of problems that we are trying to solve,” he said, adding that the government will not interfere in business and instead focus on removing obstacles.

Samsoo Kim, director general of the Korea Trade and Investment Promotion Agency, emphasized the importance of expanding trade and investment ties between the two countries in his keynote speech.

The seminar was moderated by TIM Nurul Kabir, Executive Director, FICCI.