Online Desk: South Korean Ambassador to Bangladesh Park Young-sik has laid emphasis on expediting discussion with Bangladesh to have an Economic Partnership Agreement (EPA), noting that Bangladesh does not have much time before its graduation from the LDC club.

“The impending graduation of Bangladesh from the status of a Least Developed Country (LDC) in 2026 and the subsequent loss of Generalized System of Preference (GSP) benefits pose a challenge to Korea-Bangladesh trade system,” he told diplomatic correspondents at his residence on Sunday evening.

He said some parts of the Asia Pacific Trade Agreement (APTA) is linked to the GSP and if Bangladesh graduates from the LDC status, some products that enjoy no tariff benefits under the APTA will become tariff paying products.

Therefore, the Korean envoy said, simply extending GSP benefits cannot solve all the problems and both sides need to address these problems through EPA.

The Ambassador said the Free Trade Agreement (FTA) has various names like EPA or Comprehensive Economic Partnership Agreement (CEPA). “In my view, these types of FTA are the same.”

Starting FTA in Korea requires domestic procedures including approval from the national parliament, he said, adding that they hope that bilateral EPA with Bangladesh will start in the near future.

The EPA between Bangladesh and South Korea has been in discussion since early 2023 but no real progress has been made, said Ambassador Park.

Bangladesh has finished joint study with Japan and come close to finishing it with China and is discussing it with India, he said.

Earlier the Ambassador hosted an iftar-cum-dinner in honour of the members of the Diplomatic Correspondents Association, Bangladesh (DCAB).

DCAB President Nurul Islam Hasib sought support from the embassy to help diplomatic correspondents stay informed about South Korea’s role in the international arena such as inter-Korean relations, regional security, economic diplomacy, soft power and culture, global health and technology, and multilateral engagements.

Korea recognized Bangladesh as an independent state on May 12, 1972. Both nations established diplomatic relations on December 18, 1973. The year 2023 marked the 50th anniversary of their bilateral relations.