B’desh, S Korea agree to finalize CEPA draft by Dec

Collected Photo

Bangladesh and South Korea have agreed to finalize the draft of the Comprehensive Economic Partnership Agreement (CEPA) by December 2026, paving the way for high-level formal signing.

The consensus was reached during a bilateral meeting between Commerce Minister Khandaker Abdul Muktadir and South Korean Ambassador to Bangladesh Kim Ji-hoon at the Secretariat on Tuesday (November 10).

During the meeting, the Commerce Minister assured the South Korean envoy that operational and import-related challenges faced by Korean investors would be addressed on a priority basis. Additionally, he proposed establishing a specialized “Design and Development Center” in Bangladesh through joint ventures in the shipbuilding sector to utilize local engineers and workforce.

Ambassador Kim Ji-hoon expressed South Korea’s keen interest in expediting the CEPA to expand bilateral trade and economic ties, noting that Seoul has already communicated its stance on the agreement’s draft and detailed questionnaire to Bangladesh.

To resolve policy and operational hurdles for Korean businesses, Commerce Minister Muktadir announced that a joint coordination meeting involving the Ministry of Commerce, National Revenue Board (NBR), Ministry of Finance, and South Korean investors will be organized shortly.

The ambassador highlighted operational challenges encountered by approximately 200 South Korean companies operating in Bangladesh. He specifically cited administrative bottlenecks faced by Samsung’s Research and Development (R&D) Center regarding sample imports, delays in clearing Import Permits (IP), and customs policy constraints.

In response, Muktadir directed a Joint Secretary of the Commerce Ministry to act as a dedicated focal point to resolve import-related issues for Samsung and other Korean entities. He added that efforts are underway to streamline visa procedures and automate IP issuance into a real-time online process.

Regarding the proposed shipbuilding partnership, Ambassador Kim responded positively, expressing interest in exploring long-term technology transfer and joint investment opportunities in coordination with leading South Korean shipbuilders, such as Hanwha Ocean and Hyundai Heavy Industries. Discussions on liquefied natural gas (LNG) supply cooperation were also held.

Commerce Secretary Sharaf Uddin Ahmed Chowdhury and Additional Secretary (WTO) Khadija Nazneen, among other senior ministry officials, attended the meeting.