On Thursday, the Ministry of Trade, Industry and Energy of South Korea reported that it had consented to officially begin negotiations with Georgia for a Comprehensive Economic Partnership Agreement (EPA). Trade Minister Ahn Duk-geun and his Georgian counterpart Genadi Arveladze declared the start of talks for the EPA in Seoul.
An EPA is designed to create a mutually beneficial trade network with partner countries beyond simple market opening, but it covers a smaller range of areas than a traditional free trade agreement. The ministry stated that Georgia, which is the transportation and logistics center of the Caucasus region, has great potential for bilateral collaboration in various fields, such as the energy sector.
“Through the EPA with Georgia, we anticipate the two countries to reinforce comprehensive economic relations not only in exports and investment but also in supply chains,” Ahn said.
The two countries plan to carry out the first round of negotiations in the first quarter of 2024.
This file photo shows the national flag of Georgia. (Yonhap)
colin@yna.co.kr
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