Korea’s trade ministry said Wednesday it has discussed ways to expand trade cooperation with three African nations by forging Economic Partnership Agreements (EPAs).
Trade Minister Cheong In-kyo met ambassadors from Morocco, Tanzania and Kenya in Seoul to discuss ways to bolster the overall economic ties between Korea and Africa, the Ministry of Trade, Industry and Energy said.
An EPA is meant to establish a mutually beneficial trade network with partner nations beyond a simple market opening, though it covers a smaller scope of areas compared with a traditional free trade agreement.
Korea has been actively pursuing EPAs with three countries, citing their significant growth potential stemming from rich resources and large populations.
“The EPA will function as a platform for expanding economic ties, not only in terms of trade and investment, but also in sectors such as supply chain, digital and green economy,” Cheong said during the meeting.
Ambassadors agreed that the envisioned EPAs will mark a significant milestone in enhancing economic relations, according to the trade ministry.
They also noted that the upcoming summit between Korea and African nations in June will serve as key momentum for advancing the cooperation, it added.
https://www.koreatimes.co.kr/www/nation/2024/03/113_370987.html