South Korea's trade chief met with the chief of the African free trade area secretariat on Wednesday and discussed ways to strengthen bilateral economic cooperation and create more joint business chances, Seoul's industry ministry said.
Trade Minister Ahn Duk-geun held talks with Wamkele Mene, secretary-general of the African Continental Free Trade Area (AfCFTA) Secretariat, in Seoul on ways to enhance trade and the overall economic ties between the two sides through the multilateral framework, according to the Ministry of Trade, Industry and Energy.
As the world's largest free trade area, the AfCFTA came into force in January 2021 with a goal to create a single continental market involving a population of about 1.3 billion people and a combined gross domestic product of US$3.4 trillion, according to its website.
Ahn explained South Korea's push to deepen the economic relationship with Africa through various platforms, including a Trade and Investment Promotion Framework, or TIPF, and an economic partnership agreement.
He asked Mene to meet South Korean corporate officials to support the companies' advance into the African market, and called for his support for the success of the Korea-Africa summit slated for 2024, the ministry said.
"The government will explore ways to boost trade with Africa by maximizing the AfCTFA, and push for clinching free trade agreements with nations there with great growth potential," the ministry said in a release.
Trade volume between South Korea and African countries came to around US$20 billion as of 2018, accounting for a mere 2 percent of Seoul's yearly total, government data showed.
Source: Yonhap News Agency