S. Korea, Montenegro to enforce economic cooperation pact next month
Lee Jae-woong, spokesperson for the Ministry of Foreign Affairs, holds a regular briefing at the Seoul Government Complex, Feb. 20. Yonhap
Korea and Montenegro will seek to boost their economic cooperation, with a bilateral pact on such cooperation set to take effect in March, Seoul's foreign ministry said Thursday.
The ministry said the pact, set to go into effect Saturday, will provide the legal foundation for the two nations to bolster practical cooperation in areas including energy, tourism and investment.
"Both nations will establish a joint committee for the effective implementation of the agreement and seek ways to boost economic cooperation," the ministry said in a release.
The envisioned agreement is expected to help more Korean companies tap into the Montenegrin market and ease the trade imbalance between the two nations in the long term.
Apart from Montenegro, Korea has signed economic cooperation agreements with 98 other nations. (Yonhap)