logo logo

S. Korea, Bangladesh discuss ways to broaden economic ties

Yonhap News Agency - 22 March 2024

S. Korea, Bangladesh discuss ways to broaden economic ties
By Kang Yoon-seung

South Korea’s industry ministry said Friday it has discussed ways to broaden the economic ties with Bangladesh, including seeking a bilateral trade and investment promotion framework (TIPF).

Trade Minister Cheong In-kyo met with his Bangladesh counterpart, Nurul Majid Mahmud Humayun, in Seoul, and conveyed the government’s eagerness to share its development experiences, according to the Ministry of Trade, Industry and Energy.

During the meeting, Cheong highlighted that a bilateral TIPF would enable both countries to broaden the scope of cooperation, extending beyond traditional sectors like textiles to encompass emerging areas such as digitalization and carbon neutrality.

A TIPF is a nonbinding agreement that calls for enhancing economic ties and facilitating cooperative exchanges in various areas, including the supply chain, digital and biotechnology. The agreement, however, does not include tariff-free terms as a traditional free trade agreement.

Cheong also asked the Bangladeshi government to support South Korean firms operating within the South Asian nation by addressing issues regarding visa issuance, tariff, customs and infrastructure.

Humayun said Dhaka will make proactive efforts to ensure stable operations of South Korean businesses.

South Korea has been seeking to deepen ties with Bangladesh, which has boasted annual economic growth of around 7 percent since 2016.

 source: Yonhap News Agency