Dhaka, March 22 -- Eying a free-trade agreement (FTA) in the future, Bangladesh and South Korea are now advancing to a memorandum of understanding (MoU) that focuses on boosting bilateral trade and investment, according to officials.

Currently, Bangladeshi products enjoy duty-free and quota-free access to the South Korean market.

However, Bangladesh is due to graduate to developing-country status in 2026, which will result in the loss of various trade benefits with wealthier nations.

After graduation, trade officials warn that Bangladeshi exports will lose their competitive edge and face tremendous challenges due to higher general duties replacing the current lower rates.

To minimise these post-graduation challenges, Bangladesh is act...