Government Considers Pursuing FTA with Africa... Securing Critical Mineral Supply Chains

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] The government is pursuing a free trade agreement (FTA) with Africa to diversify export markets.

The Ministry of Trade, Industry and Energy announced on the 16th at the 'Africa FTA Expert Meeting' held at the Korea Trade Insurance Corporation in Seoul that it is strategically reviewing the promotion of an FTA with Africa.

The meeting, chaired by Jeon Yoon-jong, Director of Trade Negotiations at the Ministry of Trade, Industry and Energy, was organized to gather various expert opinions as the process of actively promoting an FTA with Africa begins.

Many private experts attended, including Seo Sang-hyun, Research Fellow at POSCO Research Institute; Kang Moon-soo, Research Fellow at the Korea Institute for International Economic Policy; Kim Won-nyeong, Director of the Korea-Africa Foundation; and Professor Kim Eun-kyung of the Africa Research Institute at Hankuk University of Foreign Studies.

Director Jeon stated, "Africa is an emerging promising market with high growth potential and abundant resources. We are strategically reviewing the promotion of an FTA from the perspective of diversifying our country's export markets and securing supply chains for critical minerals."

The experts agreed that since the official launch of the African Continental Free Trade Area (AfcFTA) in January last year, regional integration is expected to accelerate, and that now is the time for South Korea to actively pursue an FTA with Africa.

The Ministry of Trade, Industry and Energy plans to collect opinions from experts and stakeholders regarding the direction of the Africa FTA promotion and actively reflect these in policy directions.

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