Sharing FTA Experiences with 'New Northern' Partner Uzbekistan

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that it will hold a webinar on the 14th at 2 p.m. to share Korea's experience with Free Trade Agreements (FTA) ahead of trade agreement negotiations with Uzbekistan.

This webinar was organized at the request of Uzbekistan. Officials from the Ministry of Trade, Investment and Foreign Economic Relations of Uzbekistan, the Korea Institute for International Economic Policy, and related personnel from economic research institutes will participate.

The Ministry of Trade, Industry and Energy is utilizing the webinar to support Uzbekistan's trade capacity as part of its trade policy for developing countries based on solidarity and cooperation.

The webinar will share Korea's FTA experience and model, including the progress and economic outcomes of past FTA initiatives.

Based on joint research results on the Korea-Uzbekistan trade agreement, the Korea Institute for International Economic Policy will explain the expected positive economic effects from market opening and expanded economic cooperation during trade agreement negotiations.

At Uzbekistan's request, the Korea Accreditation Support Center will also provide explanations on Korea's standard certification and conformity procedures.

The two countries are promoting the conclusion of a Korea-Uzbekistan trade agreement to mutually expand trade and investment and strengthen economic cooperation.

After joint research on economic feasibility, domestic procedures such as public hearings and reports to the National Assembly have been completed to initiate negotiations, and discussions are underway with Uzbekistan to start negotiations.

An official from the Ministry of Trade, Industry and Energy expressed hope that "this webinar will create a favorable environment for advancing the initiation of trade agreement negotiations."

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