Seoul may not offer DFQF benefit to Bangladeshi imports after LDC graduation
In March last year, the Bangladesh mission requested the Korean Ministry of Trade, Industry and Energy to form a joint feasibility study team on the implementation of the free trade agreement. -exchange (ALE), but the Ministry has not yet informed the mission of the issue.
South Korea is unlikely to unilaterally offer duty-free and quota-free market access to Bangladeshi products after Bangladesh graduates from least-developed country status in 2026, as other countries with agreements free or preferential trade with South Korea could oppose it. The Bangladesh Embassy in Seoul has been unofficially notified of the decision.
The Bangladesh embassy expects a negative impact on the country’s exports to South Korea, as most Asian countries have already concluded regional and bilateral agreements with the latter, according to Bangladeshi media.
If the DFQF facility is terminated, it will discourage South Koreans from investing in Bangladesh, he said.
South Korea now offers duty-free market access to Bangladesh in 95% of tariff lines. Bilateral trade between the two sides exceeded $2 billion.
Fibre2Fashion (DS) News Desk