Public Hearing on Economic Partnership Agreement with 7 African Countries Including Kenya and Morocco: "Expecting Expansion of Export Markets"
On the 25th, the Ministry of Trade, Industry and Energy will hold a public hearing at the Koreana Hotel in Seoul to gather public opinions on the promotion of Economic Partnership Agreements (EPA) with seven countries, including African nations (Kenya, Tanzania, Morocco, Thailand, Pakistan, Serbia, and the Dominican Republic).
No Geon-gi, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy, stated in his opening remarks, "Based on our experience of establishing trade networks with 59 countries through 21 Free Trade Agreements (FTAs), we plan to actively promote EPAs focusing on emerging countries with high growth potential and strong mutual cooperation demands."
This year, the Ministry conducted an economic feasibility assessment of EPA agreements with the seven countries through research institutions such as the Korea Institute for International Economic Policy in the first half of the year. The evaluation confirmed expectations for expanded export markets and stabilization of supply chains for key minerals and resources.
Expert panelists attending the public hearing also noted, "The United States and the European Union (EU) highly value the potential of African countries and are operating trade agreements and high-level consultative bodies," adding, "Since the EPA target countries serve as regional hubs, signing agreements is expected to expand our influence to neighboring countries."
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The Ministry is currently pursuing EPAs with 10 countries to strengthen global trade alliances. Mongolia and Georgia have completed negotiation plans as of April. The seven countries discussed this time will have negotiation plans established reflecting the results of the public hearing, and the economic feasibility assessment for an EPA with Bangladesh will also be completed promptly. The Ministry aims to prepare the conditions for initiating EPA negotiations with 10 countries within the year without any setbacks.
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