Korea-Uzbekistan Begin Trade Agreement Negotiations... Strengthening New Northern Cooperation

Expanding New Northern Cooperation and Establishing a Foothold for Advancement

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kwon Haeyoung] Our government has begun negotiations to conclude a trade agreement with Uzbekistan.

The Ministry of Trade, Industry and Energy announced that the first round of negotiations between the Korea-Uzbekistan delegation, led by Yang Giuk, FTA Policy Officer, and Badriddin Abidov, Deputy Minister of Investment and Foreign Trade of Uzbekistan, will be held for three days from today until the 28th.

Following the virtual summit held in January, the two countries officially declared the start of trade agreement negotiations and have since been preparing by exchanging draft agreements and basic negotiation materials. Considering the COVID-19 situation, this negotiation will be conducted virtually, and both sides will discuss the agreement text and market opening in each sector, including goods, trade technical barriers, rules of origin, customs and trade facilitation, and general provisions.

The government plans to establish a sustainable trade and investment cooperation system through the first goods trade agreement with a New Northern policy country, and to create a friendly business environment by strengthening predictable and transparent administrative procedures.

Yang Giuk, FTA Policy Officer, stated, "We will actively utilize the trade agreement as an institutional platform to expand New Northern cooperation and support exchanges between companies," adding, "We expect to lay the foundation for expanding trade and investment and strengthening economic cooperation with Uzbekistan, a key partner in the New Northern policy."

This content was produced with the assistance of AI translation services.