The proposed Comprehensive Economic Partnership Agreement (CEPA) between Bangladesh and South Korea will elevate bilateral economic ties to a new height, serving not merely as a trade deal but as a strong foundation for a long-term economic alliance, Commerce Minister Khandakar Abdul Muktadir said on Monday.
Muktadir made the remarks at a dinner hosted in honour of South Korean Trade Minister Yeo Han-koo at a city hotel in Karwan Bazar.
The minister said South Korea has set a unique example of economic development within a short span of time, adding that the country's experience holds significant importance for Bangladesh.
Lauding South Korea's remarkable economic progress, the commerce minister expressed hope of building a long-term trade and investment partnership with the country.
He said the Bangladesh-Korea relationship, which began as a development cooperation partnership, has today evolved into a robust alliance encompassing trade, investment, industrialisation, innovation and shared prosperity.
As Bangladesh stands on the threshold of graduating from Least Developed Country (LDC) status, it is entering a new chapter of global economic engagement, he noted, adding that the CEPA will further deepen and diversify economic cooperation between the two countries in this context.
Describing Bangladesh as South Korea's "second home," Yeo Han-koo said Bangladesh's economy, industrial base and large market have created significant potential for expanding trade and investment between the two nations.
Recalling his working experience in Chattogram, the Korean trade minister said that experience had prompted him to prioritise the swift conclusion of the Bangladesh-South Korea trade agreement negotiations.
He said the proposed agreement would further strengthen investment and economic partnership between the two countries over the next two decades.
The deal, he added, would establish a stable and predictable legal framework that would take investment and trade cooperation to new heights.
He urged the business community to make the most of the agreement's benefits and expressed gratitude to the government and people of Bangladesh for their hospitality.
At the event, the commerce minister praised the dedication and professionalism of officials, negotiators, technical experts and stakeholders from both countries involved in the Bangladesh-Korea CEPA negotiations.
He expressed hope that the agreement would be formally signed in the near future once the remaining legal and procedural formalities are completed, further cementing economic relations between the two countries.