DHAKA, Oct 3, 2024 (BSS) - Bangladesh and South Korea have expressed strong interest in advancing negotiations to conclude an Economic Partnership Agreement (EPA), aimed at addressing the growing trade imbalance between the two countries.

This was highlighted during a meeting between South Korean Ambassador to Bangladesh Park Young-sik and Foreign Secretary Md. Jashim Uddin at the Ministry of Foreign Affairs on Wednesday, a press release said here today.

During the meeting, both sides agreed that the proposed EPA would facilitate sustainable and balanced growth in bilateral trade, fostering deeper economic cooperation.

Park extended his congratulations to Bangladesh foreign secretary on his recent appointment, expressing optimism that under his leadership, Bangladesh and South Korea's longstanding bilateral relations would continue to strengthen.

The foreign secretary thanked the South Korean government for its positive outlook towards Bangladesh's newly formed interim government and for maintaining confidence in its ability to restore peace and stability in the country.

He also noted with satisfaction the upward trend in bilateral trade volumes, acknowledging South Korea's role as a key foreign investor in Bangladesh.

Besides, he expressed appreciation for South Korea's preferential market access to Bangladeshi goods under the Least Developed Countries (LDC) and Asia-Pacific Trade Agreement frameworks.

The envoy emphasized the importance of creating a business-friendly, predictable, and stable environment to attract further foreign investment.

He added that the Korean Embassy in Dhaka is keen to engage with the interim government to discuss ways to improve Bangladesh's investment climate.

The foreign secretary thanked the ambassador for South Korea's Employment Permit System (EPS), which has provided job opportunities for Bangladeshi workers in South Korea.

He also expressed hope that the Korean government would consider increasing the intake of Bangladeshi nationals in various sectors such as agriculture, fisheries, and shipbuilding.

He, as well, said the number of scholarships provided to Bangladeshi students by South Korea should be increased in the future.

Both sides reaffirmed their commitment to fostering cooperation in international forums to uphold global peace and security, promote free trade, and support each other on the global stage.