On Thursday, South Korea’s trade ministry declared their intention to set up a trade partnership with Ireland in order to extend the scope of their bilateral relations. Trade Minister Ahn Duk-geun met with Irish counterpart Simon Coveney in Seoul to discuss ways to expand economic ties.
The meeting took place while Irish Prime Minister Leo Varadkar was visiting South Korea this week with business officials. During the meeting, Ahn said South Korea would like to form a Trade and Investment Promotion Framework (TIPF) agreement with Ireland to broaden areas of cooperation.
The TIPF is a non-binding agreement designed to strengthen economic ties and facilitate cooperative exchanges in various sectors, such as supply chains, digital, and biotechnology. According to the trade ministry, Ireland is the sixth-largest European investor in South Korea, with their trade continuing to increase due to the free trade agreement with the European Union.