Seoul:A bilateral economic cooperation agreement between South Korea and Bosnia and Herzegovina officially took effect on Friday. This agreement establishes a framework for expanding ties in various sectors including investment, tourism, and agriculture, as announced by South Korea's foreign ministry.
According to Yonhap News Agency, the agreement, which was signed in Sarajevo in March, became effective 30 days after both countries completed their respective domestic procedures and notified each other of the same.
The South Korean foreign ministry highlighted that the agreement is expected to strengthen economic relations with Bosnia and Herzegovina. It aims to provide an institutional basis for South Korean companies looking to expand into the Balkan region. Additionally, the agreement allows for the establishment of meetings between economic and technical experts from both countries to review its implementation and explore further avenues for cooperation.
Bilateral trade between the two nations reached US$41.59 million in 2025. South Korea primarily exports steel, electronic equipment, and auto parts to Bosnia and Herzegovina, while importing lead ore and clothing. This information was provided by the Korea International Trade Association.
With this latest agreement, South Korea now maintains 102 economic cooperation agreements worldwide. The South Korean government intends to continue pursuing such agreements to broaden its economic diplomacy network and support the global expansion of local companies.