Talks with Serbia begin on economic partnership agreement
Korea.net | 26 September 2024
Talks with Serbia begin on economic partnership agreement
By Charles Audouin
The Ministry of Trade, Industry and Energy has begun negotiations on an economic partnership agreement (EPA), a type of free trade deal, with the country’s first Balkan partner country Serbia.
The ministry on Sept. 26 said Minister for Trade Cheong Inkyo and Serbian Minister of Domestic and Foreign Trade Tomislav Momirovic held talks in Seoul to officially declare the start of bilateral negotiations on their EPA.
Korean companies in the mobility sector such as automotive parts are advancing toward the Serbian market, and supply chain cooperation is expected among cutting-edge industries like batteries and electric vehicles using lithium in Serbia. The Balkan country accounts for 10% of the world’s reserves of the metal.
Because of its plans to use nuclear power plants, Serbia is also a potential partner with Korea in nuclear power.
"As this is a milestone year marking the 35th anniversary of Korea-Serbia diplomatic relations, I hope that the EPA becomes an institutional basis that opens a new chapter in bilateral cooperation," Minister Cheong said. "I hope for such cooperation to expand to more diverse sectors such as cars, cutting-edge and renewable energies, and nuclear power plants."
