SEOUL - In efforts to deepen economic relations, South Korea has reached out to Ireland with a proposal for a partnership aimed at promoting trade and investment between the two nations.
According to Yonhap News Agency, Industry and Energy, Trade Minister Ahn Duk-geun met with his Irish counterpart, Simon Coveney, in Seoul to deliberate on prospects for expanding the spectrum of mutual economic exchanges. This dialogue occurred alongside Irish Prime Minister Leo Varadkar's ongoing visit to South Korea, which includes a delegation of Irish business leaders.
Ahn highlighted the intent of the South Korean government to finalize a Trade and Investment Promotion Framework (TIPF) with Ireland, a move intended to augment cooperation across various sectors, including strengthening supply chains and advancing collaborative efforts in digital and biotechnological fields.
The TIPF, as described, would be a nonbinding agreement, yet instrumental in bolstering economic ties and enabling easier cooperative exchanges.
The trade ministry noted that Ireland is currently the sixth-largest European investor in South Korea. The trade relations between the two countries have been experiencing steady growth, supported by the existing free trade agreement that South Korea holds with the European Union.