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South Korea is unlikely to unilaterally offer duty-free and quota-free (DFQF) market access to products from Bangladesh after the latter graduates from the least developed country (LDC) status in 2026 as other countries with free or preferential trade agreements with South Korea may object. The Bangladesh embassy in Seoul has been informally informed about the decision.
In March last year, the Bangladesh mission requested the Korean trade, industries and energy ministry to form a joint feasibility study team on implementation of the Free Trade Agreement (FTA), but the ministry is yet to inform the mission regarding the issue.
South Korea is unlikely to unilaterally offer duty-free and quota-free market access to products from Bangladesh after the latter graduates from the least developed country status in 2026 as other countries with free or preferential trade agreements with South Korea may object. The Bangladesh embassy in Seoul has been informally informed about the decision.
The embassy of Bangladesh anticipates an adverse impact on the country’s exports to South Korea as most Asian nations already have regional and bilateral agreements with the latter, according to Bangla media reports.
If the DFQF facility is discontinued, it will discourage South Koreans from investing in Bangladesh, it said.
South Korea now offers duty-free market access to Bangladesh in 95 per cent of tariff lines. Bilateral trade between both sides has crossed $2 billion.
Fibre2Fashion News Desk (DS)
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