Korea, Norway discuss bilateral trade and investment framework

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Korea, Norway discuss bilateral trade and investment framework

Published: 03 Jun. 2024, 19:37

JIN EUN-SOO
jin.eunsoo@joongang.co.kr

This undated file photo provided by the Ministry of Trade, Industry and Energy shows Trade Minister Cheong In-kyo [YONHAP]

Korea's trade ministry said Monday it discussed ways to broaden exchanges with Norway by seeking a comprehensive agreement on economic ties.

Trade Minister Cheong In-kyo met with Norwegian Ocean Minister Marianne Sivertsen Naess in the central city of Sejong to share ideas on establishing a bilateral trade and investment promotion framework (TIPF), according to the Ministry of Trade, Industry and Energy.

A TIPF is a nonbinding agreement that aims to enhance economic ties and facilitate cooperative exchanges in various areas.

The agreement comes in line with efforts to expand bilateral exchanges beyond Korea's existing FTA with the European Free Trade Association (EFTA).

The EFTA is a four-nation economic bloc comprising Switzerland, Iceland, Norway and Liechtenstein. The bilateral FTA was signed in July 2005 and took effect the following year.

"Since the implementation of the FTA, Korea has maintained stable imports of fishery products from Norway," Cheong added, noting that Asia's No. 4 economy wishes to further expand trade and investment exchanges with Norway.

During the meeting, Cheong said that Korea also wishes to strengthen ties with the Northern European nation in the shipbuilding sector, highlighting Norway's cutting-edge environmentally friendly shipbuilding and autopilot technologies.

Korea expressed hope to forge deeper ties with Norway in the carbon-free energy sector, utilizing wind power, clean hydrogen and nuclear energy.

Yonhap