The Ministry of Trade, Industry and Energy in South Korea announced on Tuesday that the country has sealed a trade promotion pact with Uzbekistan in a bid to foster a comprehensive relationship in the international supply chain.
The Trade and Investment Promotion Framework (TIPF) was signed in Seoul, and is designed to broaden bilateral trade and investment. This non-binding agreement intends to strengthen economic ties and facilitate cooperative exchanges in various fields such as the supply chain, digital and biotechnology.
The signing of the TIPF with Uzbekistan marks the seventh agreement of its kind that South Korea has made. Previous TIPF deals have been established with the United Arab Emirates, the Dominican Republic, Hungary, Bahrain, Poland and Madagascar. Furthermore, Uzbekistan is the first Central Asian nation to sign a TIPF agreement with South Korea.
The Ministry of Trade, Industry and Energy commented that the TIPF with Uzbekistan should have a positive effect on stabilizing South Korea’s supply chain.
colin@yna.co.kr
(END)