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Korea pushing to sign free trade pacts with 7 emerging nations

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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)

 source: Korea Times