Commerce Minister Yeo Han-koo speaks at a authorities assembly held in Seoul, Monday. Yonhap
Korean Commerce Minister Yeo Han-koo and his Egyptian counterpart agreed Monday to swiftly start negotiations for a complete financial partnership settlement (CEPA) between the 2 international locations to develop bilateral ties, Yeo’s workplace mentioned.
Yeo and Hassan El-Khatib, Egypt’s commerce minister, reached the settlement of their digital assembly held to debate follow-up measures to the leaders’ summit between the 2 international locations held in November, based on the Ministry of Commerce, Business and Assets.
A CEPA is a sort of free commerce settlement that emphasizes a broader scope of financial cooperation and exchanges along with market opening.
The ministry mentioned the Korea-Egypt CEPA will assist Korea develop its presence in rising markets, together with Africa, amid heightened world commerce uncertainties and open new alternatives for Korean corporations within the vehicle, semiconductor, renewable power and infrastructure sectors.
“By way of a complete financial partnership settlement, Korea will be capable of not solely develop commerce and funding with Egypt, but additionally deepen cooperation throughout a variety of areas, together with provide chains, digital applied sciences and power,” Yeo mentioned in a press launch.
