Seoul: South Korean Trade Minister Yeo Han-koo and his Egyptian counterpart, Hassan El-Khatib, have agreed to swiftly launch negotiations for a comprehensive economic partnership agreement (CEPA) between the two nations to strengthen bilateral ties.
According to Yonhap News Agency, the agreement was reached during a virtual meeting between the two ministers. This meeting was a follow-up to the leaders' summit held in November between South Korea and Egypt. The Ministry of Trade, Industry and Resources highlighted that a CEPA is a form of a free trade agreement that encompasses a broader range of economic cooperation and exchanges beyond mere market access.
The ministry further explained that the Korea-Egypt CEPA would aid South Korea in expanding its footprint in emerging markets, particularly in Africa, amidst increasing global trade uncertainties. It is expected to create new opportunities for Korean businesses in sectors such as automobiles, semiconductors, renewable energy, and infrastructure.
In a press release, Yeo stated, "Through a comprehensive economic partnership agreement, Korea will be able to not only expand trade and investment with Egypt, but also deepen cooperation across a wide range of areas, including supply chains, digital technologies and energy."