The South Korean government is attempting to reach free trade agreements with seven countries that have high potential for economic growth, the Ministry of Trade, Industry and Energy announced on Friday. These nations include Kenya, Tanzania, Morocco, Thailand, Pakistan, Serbia, and the Dominican Republic. The Economic Partnership Agreement (EPA) that is being pursued is meant to create a mutually beneficial trade network with partner countries, although it covers a smaller scope than a traditional free trade agreement.
“The seven nations bear high growth potential and have plenty of room for mutually beneficial cooperation with South Korea,” said Roh Keon-ki, Deputy Minister for Trade Negotiations. These countries can serve as a gateway for South Korea to expand its trade network, he added.
South Korea’s goal is to sign FTAs with more than ten nations and a trade promotion framework with over twenty countries in 2021. A file photo from the Korea Trade-Investment Promotion Agency shows an economic forum between South Korea and Thailand in Bangkok on October 6, 2022.