This is a scene from Aug. 4 at the joint declaration ceremony for the Korea-Bangladesh Comprehensive Economic Partnership Agreement in Dhaka, Bangladesh. (Ministry of Trade, Industry and Resources)

By Aisylu Akhmetzianova

An agreement has been reached in principle with Bangladesh on concluding a comprehensive economic partnership agreement (CEPA).

The Ministry of Trade, Industry and Resources in Seoul on Aug. 4 said Minister for Trade Yeo Han-koo and Bangladeshi Minister of Commerce Khandaker Abdul Muktadir issued a joint declaration on an agreement in principle on bilateral CEPA negotiations in the Bangladeshi capital of Dhaka.

Home to the world's eighth-largest population of 175 million, Bangladesh is the second South Asian country after India to pursue a CEPA with Korea.

The gist of this accord includes securing a foothold in the promising markets of South Asia, improving market access for Korean consumer goods and leading export products there, and boosting the basis for infrastructure and industrial cooperation.

Seoul and Dhaka also agreed to scrap tariffs on key items as part of efforts to open their goods markets.

Bangladesh has maintained annual economic growth of around 6% over the past decade as the largest market among new free trade agreements concluded under President Lee Jae Myung's strategy of trade diversification.

Minister Yeo said, "The Korea-Bangladesh CEPA will serve as the institutional basis for connecting Korean companies with a promising market of 170 million people, as well as expanding bilateral relations beyond merchandise trade to comprehensive economic cooperation in sectors such as infrastructure and industry."

aisylu@korea.kr