South Korea's trade ministry said Tuesday it has clinched a trade promotion partnership with Uzbekistan in line with efforts to seek a comprehensive partnership in the global supply chain.
The two countries signed the Trade and Investment Promotion Framework (TIPF) in Seoul, which will pave the way to expand bilateral trade and investment, according to the Ministry of Trade, Industry and Energy.
The TIPF is a nonbinding agreement that calls for enhancing economic ties and facilitating cooperative exchanges in various areas, including the supply chain, digital and biotechnology.
It marked the seventh TIPF deal signed by South Korea so far. South Korea also has an agreement with the United Arab Emirates, the Dominican Republic, Hungary, Bahrain, Poland and Madagascar.
Uzbekistan was also the first TIPF partner from Central Asia.
"The TIPF with Uzbekistan is expected to significantly contribute to stabilizing South Korea's supply chain," the trade ministry said.
Source: Yonhap News Agency