Korea-Norway "Trade and Investment Promotion Framework, a Leap Forward for Economic Cooperation... 추진 for Agreement"

Jeong In-gyo Meets with Norwegian Minister of Trade, Industry and Fisheries in Charge of Marine Affairs

The governments of Korea and Norway agreed that the conclusion of the Trade and Investment Promotion Framework (TIPF) will be a good opportunity to take economic cooperation between the two countries to the next level, and they agreed to promote the agreement.

The Ministry of Trade, Industry and Energy announced that on the 3rd, Jeong In-gyo, Director-General for Trade Negotiations, held a meeting in Sejong with Marianne Sivertsen Ness, Minister of Trade, Industry and Fisheries of Norway in charge of maritime affairs, to discuss the Korea-Norway TIPF Memorandum of Understanding (MOU) and ways to strengthen economic cooperation between the two countries, including shipbuilding and marine, clean energy, and the Korea-European Free Trade Association (EFTA) Free Trade Agreement (FTA).

Jung In-kyo, Director General for Trade Negotiations, Ministry of Trade, Industry and Energy. (File photo)

Norway is the 4th largest ship-owning country in the world and a shipbuilding and marine powerhouse with the world's best shipbuilding equipment technology. Recently, a considerable number of ships have been ordered from Korea (14 ships in 2022 and 5 ships in 2023), showing active cooperation between the two countries in the shipbuilding sector.

During the meeting, Director-General Jeong said, "The shipbuilding and marine market is transitioning to an eco-friendly and smart system, and this is a great opportunity for Korea, which has the world's best shipbuilding capabilities, and Norway, which possesses advanced technologies in eco-friendly shipbuilding equipment and autonomous ships, to grow together. Let us cooperate more closely between the two countries."

In addition, Director-General Jeong emphasized that to effectively respond to climate change, it is necessary to utilize various carbon-free energy sources such as offshore wind power, clean hydrogen, and nuclear power. He requested Norway's active interest and participation in the 'Carbon-Free Energy (CFE) Initiative.' He also invited Norway to attend the '2024 International Climate Industry Expo,' co-hosted with the International Energy Agency (IEA) in Busan this coming September.

Director-General Jeong said, "The Korea-EFTA FTA was the first FTA Korea signed with European countries and has greatly contributed to expanding trade volume between the two parties. In particular, since its enforcement, the stable import volume of Norwegian seafood has been maintained. We look forward to further activation of trade and investment between Norway, an EFTA member country, and Korea."

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