Korea, Egypt agree to swiftly launch negotiations for comprehensive economic partnership
Trade Minister Yeo Han-koo speaks at a government meeting held in Seoul, Monday. Yonhap
Korean Trade Minister Yeo Han-koo and his Egyptian counterpart agreed Monday to swiftly commence negotiations for a comprehensive economic partnership agreement (CEPA) between the two countries to expand bilateral ties, Yeo's office said.
Yeo and Hassan El-Khatib, Egypt's trade minister, reached the agreement in their virtual meeting held to discuss follow-up measures to the leaders' summit between the two countries held in November, according to the Ministry of Trade, Industry and Resources.
A CEPA is a type of free trade agreement that emphasizes a broader scope of economic cooperation and exchanges in addition to market opening.
The ministry said the Korea-Egypt CEPA will help Korea expand its presence in emerging markets, including Africa, amid heightened global trade uncertainties and open new opportunities for Korean companies in the automobile, semiconductor, renewable energy and infrastructure sectors.
"Through a comprehensive economic partnership agreement, Korea will be able to not only expand trade and investment with Egypt, but also deepen cooperation across a wide range of areas, including supply chains, digital technologies and energy," Yeo said in a press release.