DHAKA, Aug 6, 2026 (BSS) - The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has welcomed the successful signing of the Comprehensive Economic Partnership Agreement (CEPA) between Bangladesh and South Korea, expressing optimism that the deal will significantly enhance bilateral trade, exports and economic cooperation.

In a statement issued today, FBCCI Administrator Md Fazlul Hoque congratulated the government, particularly the Ministry of Commerce, for concluding the landmark trade agreement.

He said the current bilateral trade volume between Bangladesh and South Korea stands at about US$1.39 billion, with Bangladesh importing goods worth US$903 million from Korea while exporting products worth US$492 million, leaving a trade deficit of around US$411 million.

Fazlul Hoque expressed hope that the CEPA would further strengthen economic and commercial relations between the two countries.

Under the agreement, nearly 97 percent of Bangladesh’s exportable products, comprising 8,428 tariff lines, will enjoy duty-free access to the South Korean market, he said.

He noted that the facility is expected to substantially increase Bangladesh’s exports of ready-made garments (RMG) as well as other products to South Korea, helping the country address challenges arising after its graduation from the Least Developed Country (LDC) category, said a press release.

The agreement will also pave the way for enhanced technical cooperation between Bangladesh and South Korea, he added.

Highlighting the export potential, the FBCCI administrator said South Korea imports around US$12 billion worth of apparel annually from across the world, but only about 3 percent of that comes from Bangladesh.

He said the CEPA is expected not only to boost Bangladesh’s garment exports but also create greater opportunities for products such as leather goods, footwear, pharmaceuticals and agricultural commodities in the South Korean market, contributing significantly to the country’s overall export growth.

Fazlul Hoque also congratulated the Commerce Minister and officials concerned for concluding the agreement swiftly and successfully.

He expressed confidence that the experience gained through the CEPA negotiations would help Bangladesh conclude broader trade agreements with other countries in future.