South Korea's industry ministry said 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 on Friday (March 22), 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 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 Korean businesses.

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

Source: The Korea Times

BDST: 1033 HRS, MAR 23, 2024
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