Yonhap News Agency - 4 May 2023

S. Korea, Georgia share consensus on seeking economic partnership agreement
By Kang Yoon-seung

South Korea and Georgia shared the consensus on seeking an economic partnership agreement (EPA) to boost bilateral ties, the finance ministry said Thursday.

Finance Minister Choo Kyung-ho and his Georgian counterpart, Lasha Khutsishvili, discussed the issue on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Incheon, 27 kilometers west of Seoul, according to the Ministry of Economy and Finance.

During the meeting, Choo noted it is significant that the trade between the two nations has been growing despite the COVID-19 pandemic.

The trade volume between South Korea and Georgia came to US$131 million in 2022, up 15 percent from a year earlier.

Considering the growing bilateral ties, Choo pointed out it is important the two countries roll out an EPA. Typically, an EPA covers a smaller scope of areas compared to a free trade agreement.

Khutsishvili echoed the view, noting Georgia will proactively cooperate with efforts to launch a partnership agreement.

Georgia is set to host next year’s annual gathering of the Manila-based ADB.