Bangladesh has launched a negotiation formally with South Korea on an Economic Partnership Agreement (EPA) in an effort to open a broader window for economic cooperation between the two countries.

"The Council of Advisers has been informed about the launching of the negotiation. We hope these negotiation will end soon," Chief Adviser's Press Secretary Shafiqul Alam told reporters while briefing at Foreign Service Academy on Tuesday afternoon.

He said South Korea which has developed into one of Asia's most affluent countries with rapid development may emerge as a big market for Bangladesh once the EPA is done.

The issue was discussed at the meeting of Council of Advisers held on Tuesday with Chief Adviser Prof Muhammad Yunus in the chair.

Alam said Bangladesh is looking for a greater market going beyond the European and American markets.

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The Press Secretary said the government wants to explore new markets as part of its efforts to diversify the economy. “We want new markets that include South Korea.”

South Korean Ambassador to Bangladesh Park Young-sik laid emphasis on taking bold steps for stronger ties, eyeing the next 50 years journey together with Bangladesh.

"Let's renew our commitment to each other and take a bold step forward for a closer, deeper, stronger, and brighter future," he said.

Bangladesh and South Korea cherished their close ties for the past 50 years, and the South Korean envoy hoped that everyone would join hands to start the next 50-year journey in the friendship between Korea and Bangladesh.

Over the last 5 decades, the two countries have witnessed a remarkable journey of cooperation in various sectors, including trade, investment, development, and people-to-people exchanges.

He said the government is also in discussion with Japan, which has the world's third-largest economy, on a similar kind of EPA for stronger economic cooperation.

Earlier, Commerce Adviser Sheikh Bashiruddin said an Economic Partnership Agreement (EPA) and a Free Trade Agreement (FTA) with Japan would significantly boost trade potential between the two countries, opening new opportunities for Bangladesh.

Chief Adviser’s Deputy Press Secretary Apurba Jahangir and Assistant Press Secretary Suchismita Tithi were also present at the media briefing.