South Korea and Bangladesh have launched their official negotiations toward a comprehensive economic partnership agreement.

The Ministry of Trade, Industry and Energy said Monday that the first round of negotiations will run Monday to Wednesday in Seoul, involving about 40 officials from the two sides. 

Kwon Hye-jin, who is leading South Korea’s negotiation team, said the pact with Bangladesh will serve as a bridgehead for South Korean companies to enter the promising South Asian market.

In the three-day negotiations, the two sides plan to hold detailed discussions across seven areas including goods, rules of origin, customs procedures and intellectual property, in order to identify each other’s interests and positions.

Bangladesh is the eighth-largest country in the world in terms of population and one of the fastest-growing economies in South Asia, posting average annual growth of six-point-six percent over the past three years.