Bangladesh will receive preferential tariff treatment for 97% of its products in the South Korean market under a newly signed bilateral arrangement.
The agreement was signed at the Secretariat on 4 August, with the stated aim of expanding trade and investment between the two countries.
The arrangement also provides preferential tariff treatment for 87% of South Korean products and services entering Bangladesh.
Commerce Minister Khandaker Abdul Muqtadir described the agreement as a milestone for the economy and said it is expected to raise exports, create employment opportunities and attract more South Korean investment.
He said ready-made garments, leather and jute were among Bangladeshi export sectors expected to gain easier access to the South Korean market.
The minister said the arrangement could support export diversification, market expansion and industrial cooperation between Bangladesh and South Korea.
The evidence does not set out the agreement’s implementation timeline, detailed product lists, rules of origin or tariff schedules.