Korea and Georgia begin trade talks to discuss economic partnership

Economy

Published: 15 Apr. 2024, 20:52

Korea and Georgia begin trade talks to discuss economic partnership

Former Trade Minister Ahn Duk-geun, right, poses for a photo with his Georgian counterpart, Genadi Arveladze, after holding a ceremony to announce the launch of talks for the Economic Partnership Agreement in Seoul on Nov. 2, 2023. [YONHAP]

Korea and Georgia kicked off another round of talks for a comprehensive economic partnership on trade and supply chains, Korea’s Trade Ministry said Monday.

The two nations began a three-day session to discuss the envisioned Economic Partnership Agreement (EPA) in Seoul, according to the Ministry of Trade, Industry and Energy.

An EPA is meant to establish a mutually beneficial trade network with partner nations beyond a simple market opening, though it covers a smaller scope of areas compared with a traditional free trade agreement.

The two countries are expected to discuss details in areas, including goods and services, the ministry added.

Korea has been seeking to establish closer ties with Georgia, which is considered a key trade hub bridging Asia and Europe, with significant growth potential in supply chain and logistics.

Korea and Georgia held the first round of talks in Tbilisi in February.

Yonhap