Korea and Mongolia open fourth round of talks to strengthen trade ties

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Korea and Mongolia open fourth round of talks to strengthen trade ties

Published: 26 Nov. 2024, 09:41

Korea's Interior Minister Lee Sang-min, right, poses with Mongolia's Chief Cabinet Secretary Nyam-Osor Uchral before their meeting at the government complex in Seoul on Nov. 12. [YONHAP]

Korea launched the fourth round of talks for a comprehensive economic partnership with Mongolia on Tuesday, aiming to expand ties in trade and supply chains, the industry ministry said.

The negotiations on the Economic Partnership Agreement (EPA) began in Seoul for a four-day run, focusing on advancing talks related to commerce, investment, public procurement and other cooperative initiatives, according to the Ministry of Trade, Industry and Energy.

"With mutually beneficial industrial structures, South Korea and Mongolia have significant potential for collaboration," Trade Minister Cheong In-kyo stated during his opening remarks.

"The EPA with Mongolia, an emerging economy ranked among the world's top 10 countries with rich natural resource reserves, will play a pivotal role in enhancing ties in supply chains, logistics, infrastructure and digital sectors," Cheong added.

The envisioned agreement is also anticipated to establish legal and policy frameworks for joint projects in energy and resource development, further strengthening the supply chain for cutting-edge industries, the ministry said.

Yonhap