Korea and Bangladesh reach a principled agreement on a Comprehensive Economic Partnership Agreement
Korea-Bangladesh CEPA negotiations concluded, expanding the market through reduced export tariffs Benefits for ramen, diesel, and auto parts, along with relaxed rules of origin, will create greater trade opportunities
South Korea and Bangladesh on the 4th essentially concluded negotiations on a Comprehensive Economic Partnership Agreement (CEPA). With this agreement, the two countries laid the foundation to expand economic cooperation across goods and services trade, investment, and industrial cooperation.
According to the Ministry of Trade, Industry and Energy, Bangladesh has decided to abolish tariffs on Korean ramen, coffee preparations, seasoned laver, confectionery, and other products. Major Korean export items such as diesel, auto parts, and semiassembled automobilerelated products were also included in the list for tariff reductions or elimination.
Under this agreement, relatively flexible rules of origin will be applied to key export items such as steel, petrochemicals, electronic and electrical equipment, and machinery. However, stricter standards will apply to seasoned laver and some fresh agricultural and livestock products, and Bangladesh has decided not to open leaf tobacco, in exchange for lowering or eliminating tariffs on clothing, footwear, leather products, jute, and some food items.