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South Korean Trade, Industry and Energy Minister Moon Sung-wook (L) and his Egyptian counterpart Nevine Gamea (R) exchange the memorandum of understanding for joint research on trade and economic partnerships between the two countries as South Korean President Moon Jae-in (L, rear) and Egyptian President Abdel Fattah el-Sisi (R, rear) watch after their summit talks at the presidential palace in Cairo on Jan. 20, 2022. (Yonhap) |
South Korea said Wednesday it will actively push for free trade agreements with African nations in a move to deepen economic ties with the resource-rich emerging market and to diversify its trade portfolio.
Last month, South Korea and Egypt agreed to carry out a joint feasibility study on the bilateral trade and economic partnership, which is a first step for South Korea to have a free trade pact with an African country if the two sign the free trade deal.
Trade volume between South Korea and African countries came to around $20 billion as of 2018, accounting for a mere 2 percent of Seoul's yearly total, government data showed.
"The government is working to push for clinching FTAs with African countries, which have a great growth potential, to expand our export destinations and to ensure stable supply chains of key minerals," senior trade official Chun Yoon-Jong said during a meeting with experts.
The experts called on the government to double up such efforts, as intra-African trade is expected to be accelerated further after the African Continental Free Trade Area (AfCFTA) came into force in January last year.
The pact was signed by 54 out of 55 African Union nations, according to the industry ministry.
As of February, South Korea has 18 bilateral and multilateral free trade deals with 58 countries, including the United States, China, the European Union, and the Association of Southeast Asian Nations (ASEAN) countries.
Four additional free trade pacts were to come into force following due procedures, including one with Indonesia, and negotiations are under way with several more countries for trade deals, according to the ministry. (Yonhap)
