Korea, Serbia to launch official negotiations for economic partnership this week
The headquarters of the Ministry of Trade, Industry and Resources in the central city of Sejong / Yonhap
Korea and Serbia were set to kick off their official negotiations for a comprehensive economic partnership agreement (CEPA) Monday as the two sides seek to expand ties amid global trade uncertainties, Seoul's industry ministry said.
The first round of talks for the envisioned free trade deal will be held for four days through Thursday in Seoul, according to the Ministry of Trade, Industry and Resources.
The ministry said the two sides plan to focus negotiations on 10 sectors from tariff concessions and customs procedures to economic cooperation.
"Serbia is a strategic hub connecting the European Union's neighboring markets and the Balkan region, and it has recently become an important emerging partner for Korean companies in the electric vehicle, battery and renewable energy sectors," said Son Ho-young, acting director general for free trade agreement negotiations at the ministry.
"A CEPA with Serbia will greatly help enhance Korean companies' market accessibility and help Seoul mitigate its supply chain risks."