Seoul is keen to seal an economic partnership agreement (EPA) with Dhaka before Bangladesh’s LDC graduation in 2026.
“Korea wishes to start the negotiations of bilateral EPA and conclude it before 2026 when Bangladesh graduates from the LDC status,” South Korean envoy to Bangladesh Park Young-sik said.
Speaking on the sideline of an event in Dhaka on Monday, Ambassador Park Young-sik told Dhaka Tribune that Bangladesh and South Korea -- the two friendly Asian economies that witnessed a remarkable journey of cooperation in various sectors including trade, investment, development, over the last five decades, would be mutually benefited from a bilateral EPA
South Korea has a trade surplus with Bangladesh, said Ambassador Park, adding that a bilateral EPA, if reached, would result in a more balanced trade between the two countries.
He mentioned that Seoul is extending duty and quota free access to 95% of Bangladeshi products under the Asia Pacific Trade Agreement since 2008 and Bangladesh’s exports to South Korea have seen an increase from $250 million in 2013 to $624 million last year.
But, still there is a $977 million trade gap between the two countries, in South Korea’s favour.
Ambassador Park was delivering a special lecture organized by the Department of Media and Communication, Independent University, Bangladesh (IUB) in collaboration with King Sejong Institute, Dhaka at IUB on Monday.
In his lecture titled "Contemporary Korea: Democracy, Economy, Peace and Security," Ambassador Park shared profound perspectives on South Korea's recent socio-political landscape, captivating the audience with his wealth of experience and knowledge.
IUB Vice Chancellor Prof Dr Tanweer Hasan, delivered welcome remarks, with the university’s trustee board chairman Didar A Husain, speaking as the special guest.
The lecture concluded with an interactive Q&A session moderated by Prof Dr Zakir Hossain Raju, head of the IUB’s Media and Communication Department, who is also the director of the King Sejong Institute. IUB Pro-VC Niaz Ahmed Khan, gave vote of thanks.
The South Korean envoy also said: “The degree of value added for Bangladesh decreases while orders are received at the lowest prices. Bangladesh should increase labour productivity and need to enhance the order price of global buyers.”
“Bangladesh should get out of OEM production structures in which global buyers control the entire process from providing raw materials to setting the profit margin,” Ambassador Park added.
He emphasized on Bangladesh’s own brand creations.
An original equipment manufacturer (OEM) is a company whose goods are used as components in the products of another company, known as a value-added reseller (VAR).
The VAR works closely with the OEM, which often customizes designs based on the VAR's needs and specifications.
