Korea, Mongolia discuss ways to accelerate economic ties, trade talks

Trade Minister Yeo Han-koo chairs a meeting at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, Tuesday. Ministry of Trade, Industry and Resources

Korea and Mongolia discussed ways to accelerate economic cooperation, including progress on a trade agreement under negotiation, as the two countries seek to bolster cooperation in supply chains for key minerals, the trade ministry said Wednesday.

Trade Minister Yeo Han-koo met with Jadambyn Enkhbayar, Mongolia's minister of economy and development, in Ulaanbaatar, where the two sides exchanged views on the progress of negotiations for a comprehensive economic partnership agreement (CEPA), according to the Ministry of Trade, Industry and Resources.

A CEPA is a type of free trade agreement that emphasizes a broad scope of economic cooperation and exchanges in addition to market opening.

Korea and Mongolia launched the first round of negotiations in 2023.

The trade ministry said Mongolia is rich in minerals vital for cutting-edge industries, including copper, molybdenum and rare earth elements, and plays a key role in Korea's efforts to establish stable supply chains.

"The CEPA between Korea and Mongolia will serve as a key institutional framework not only for the expansion of trade and investment but also for establishing a stable joint supply chain," Yeo said in a release.

"We intend to accelerate negotiations to achieve mutually beneficial results," he added.