South Korea is actively pursuing free trade agreements with several emerging and high-potential nations, with Morocco being one of the key partners on its sights.
This effort aims to stimulate growth momentum and diversify the country’s trade portfolio, according to a statement by South Korea’s industry ministry.
The Ministry of Trade, Industry and Energy revealed that South Korea is currently engaged in negotiations to establish bilateral Economic Partnership Agreements (EPAs) with seven nations, including Kenya, Tanzania, Morocco, Thailand, Pakistan, Serbia, and the Dominican Republic.
A public hearing session in Seoul on Friday marked another step in these ongoing discussions.
Unlike traditional free trade agreements, EPAs are designed to establish a comprehensive and mutually beneficial trade network that goes beyond mere market opening. Although the scope of an EPA is narrower, it focuses on fostering productive cooperation.
Roh Keon-ki, Deputy Minister for Trade Negotiations in Seoul, highlighted the substantial growth potential of these seven partner nations and the opportunities for reciprocal collaboration with South Korea.
He emphasized that these nations could play a pivotal role in expanding South Korea’s trade network.
With this initiative, South Korea envisions finalizing free trade agreements with more than ten countries and establishing a trade promotion framework with over twenty nations throughout the current year.