The Federation of Bangladesh Chambers of Commerce and Industry administrator Md Fazlul Haque welcomed the successful signing of the Comprehensive Economic Partnership Agreement, or CEPA, between Bangladesh and South Korea. In a Thursday press release, he said the agreement would expand business and trade between the two countries and strengthen their economic relationship. He also congratulated the commerce minister and relevant officials for completing the agreement quickly and successfully.

According to the FBCCI administrator, bilateral import-export trade between Bangladesh and Korea stands at $1.39 billion. Bangladesh imports goods worth $903 million from Korea and exports goods worth $492 million, leaving Bangladesh with an estimated trade deficit of about $411 million.

Haque said nearly 97 percent of Bangladeshi products, or 8,428 items, would be able to enter Korea's developed market duty-free under the agreement. He expressed hope that exports of garments and other products would rise substantially and help Bangladesh address its post-LDC graduation situation. He also cited opportunities for leather goods, footwear, pharmaceuticals and agricultural products, alongside increased technical cooperation. South Korea imports about $12 billion in garments annually, with only 3 percent currently sourced from Bangladesh, he said.