Seoul — The Ministry of Trade, Industry, and Energy of South Korea announced that it has engaged in significant discussions aimed at establishing Economic Partnership Agreements (EPAs) with Morocco, Tanzania, and Kenya. These talks, held in Seoul, aim to elevate the economic relationships between South Korea and the three African nations to a new level.

During the meeting, Minister of Trade Jung In-gyo and the ambassadors from Morocco, Tanzania, and Kenya delved into the specific terms and potential benefits of the agreements. The EPAs seek to go beyond simple market access by creating mutually beneficial trade networks, addressing more detailed economic interactions than traditional Free Trade Agreements (FTAs).

According to the Ministry, Minister Jung emphasized that "EPAs will not only promote trade and investment but also serve as platforms to strengthen economic ties in various sectors such as supply chains, digital economies, and green economies between our country and the African nations."

The ambassadors concurred that the proposed EPAs would mark a significant milestone in enhancing bilateral economic relationships, expressing high hopes for future cooperation. In particular, South Korea highlighted the substantial growth potential of these countries due to their rich natural resources and large populations, viewing the active pursuit of these EPAs as an opportunity to maximize economic benefits for both parties.

Furthermore, an upcoming summit between South Korea and the African countries in June is expected to provide crucial momentum for deepening discussions and advancing the agreements.

This expansion of trade cooperation is anticipated to solidify long-term economic relations between South Korea and Morocco, Tanzania, and Kenya, with all parties eager to achieve mutual economic development through these efforts.