Bangladesh and South Korea on Tuesday jointly announced the conclusion of negotiations on the Bangladesh-South Korea Comprehensive Economic Partnership Agreement (CEPA), paving the way for expanded duty-free trade access between the two countries.
Commerce Minister Khandaker Abdul Muktadir and South Korea's Minister for Trade Han-Koo Yeo made the joint declaration at the Ministry of Commerce (MoC), said a statement issued by the ministry.
As an initial step towards the CEPA, both sides prepared an agreed Terms of Reference (ToR), following which each country formed its own Trade Negotiating Committee (TNC) and jointly set up 11 Technical Working Groups (TWG) with representatives from relevant ministries, divisions and agencies, the release said.
The first round of negotiations began in Seoul from August 22 to 27, 2025, and under an agreed work plan, both countries decided to finalise the CEPA text through five rounds of talks, it said.
Of the five rounds, two were held in Bangladesh and three in South Korea, with most textual issues settled at the working level, the release added.
Nearly 40 online meetings were held at Chief Negotiator level to resolve outstanding issues, following which the negotiations were concluded at the negotiator level, according to the release.
Once the agreement takes effect, Bangladesh will get instant duty-free access for 8,428 products in the Korean market from the day of signing, while Korea will get similar access for 1,054 products in the Bangladesh market, the release said.
It said Bangladesh's key export items, including ready-made garments (RMG), leather and leather goods, and footwear, will enjoy duty-free entry into the Korean market from the day the deal is signed.
Both countries also made significant commitments on services trade, with Bangladesh agreeing to open 95 sub-sectors for Korea, while Korea decided to open 111 sub-sectors across four service modes for Bangladesh, according to the release.
This is expected to accelerate Korean investment and technology transfer into Bangladesh, it added.
As a least developed country (LDC), Bangladesh is set to sign a comprehensive economic partnership agreement with South Korea, the world's 15th largest economy, which is expected to bring extensive trade and economic benefits, the release said, adding that it will help expand trade, boost investment and create new employment opportunities, marking a new chapter in Bangladesh-Korea economic relations.
The conclusion of talks marks the end of discussions at the negotiator level, and the agreement will come into force once both countries complete their respective legal procedures and it receives cabinet approval, the release said.
The Bangladesh-Korea CEPA was part of the current government's 180-day priority work programme, and the target was achieved through the Commerce Minister's direct guidance and the negotiating team's relentless efforts, it added.
Commerce Secretary Ataur Rahman Khan, Bangladesh's Chief Negotiator Ayesha Akter, Additional Secretary (FTA), MoC, South Korea's Chief Negotiator Park Geun-oh, Director General, Trade Agreement Policy of South Korea and Deputy Chief Negotiator Feroz Uddin Ahmed, Joint Secretary, MoC were present at the event.