Bangladesh, South Korea Sign Trade Deal Granting Tariff Benefits on 97% of Exports
Bangladesh and South Korea signed a Comprehensive Economic Partnership Agreement (CEPA) on Tuesday at the Secretariat in Dhaka, granting Bangladesh preferential tariff benefits on 97 percent of its goods and services exported to South Korea. The benefits will remain even after Bangladesh graduates from the Least Developed Country (LDC) list. South Korea will receive tariff concessions on 87 percent of its exports to Bangladesh, covering agricultural products, plastics, and retail parts. Key Bangladeshi exports benefiting include ready-made garments, leather, and jute products. Commerce Minister Tipu Munshi and South Korean Trade Minister Yeo Han-koo attended the signing ceremony and subsequent press conference.
Global Impact
Economically, the CEPA enhances bilateral trade, potentially boosting Bangladesh's export revenue and South Korea's market access in South Asia. Politically, it strengthens diplomatic ties between the two nations.
Why this score
Neat Digest rated this story 4.2/10 — Standard tier.
This is a significant bilateral trade agreement that provides long-term tariff benefits for Bangladesh, a major exporter, but its global impact is limited to two countries and specific sectors, placing it in the Significant tier.
Source bias
Political lean of the 1 rated outlet covering this story: Center 1.
Sources on this story
Reported by 1 sources, including:
- Prothom Alo