All the versions of this article: [English] [français]
Korea Times - 25 August 2023
Korea pushing to sign free trade pacts with 7 emerging nations
Korea is pushing to clinch free trade agreements with seven emerging and high-potential nations, including Kenya and Thailand, in an effort to boost growth momentum and diversify its trade portfolio, the industry ministry said Friday.
The country is working to sign a bilateral Economic Partnership Agreement (EPA) with Kenya, Tanzania, Morocco, Thailand, Pakistan, Serbia, and the Dominican Republic, and held a public hearing session in Seoul on Friday, according to the Ministry of Trade, Industry and Energy.
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.
"The seven nations bear high growth potential and have ample room for mutually beneficial cooperation with Korea," Roh Keon-ki, Seoul’s deputy minister for trade negotiations, said.
The nations can serve as a bridgehead for Korea to further expand its trade network, he added.
Korea aims to clinch FTAs with more than 10 nations and a trade promotion framework with over 20 nations this year. (Yonhap)