Yonhap | 7 April 2023

S. Korea, Dominican Republic sign bilateral trade promotion agreement

SEOUL, April 7 (Yonhap) — South Korea and the Dominican Republic clinched a bilateral framework agreement on trade and investment Friday to boost economic cooperation and push for various joint projects on supply chains, the digital and green sectors, and other new industry fields, Seoul’s industry ministry said.

South Korea’s Trade Minister Ahn Duk-geun and Dominican Republic Vice President Raquel Pena held a ceremony to sign the Trade and Investment Promotion Framework (TIPF) in Seoul, a non-binding agreement that calls for enhanced economic cooperation and facilitation of corporate exchanges between the two, according to the Ministry of Trade, Industry and Energy.

It is South Korea’s first TIPF with a Latin American country, and Seoul’s second one following the agreement with the United Arab Emirates signed in January, it added.

"The Dominican Republic is forecast to continue solid economic growth and has trade agreements with North American and European nations. So it bears greater potential for stronger trade and investment ties with South Korea, and it could serve as a base for South Korean firms’ advance into new markets," the ministry said in a release.

South Korea also will make efforts to sign a free trade agreement for a greater market opening and economic cooperation.

The two sides plan to hold a trade and investment cooperation committee meeting on a yearly basis to discuss bilateral cooperation and exchanges, the ministry added.