South Korea and Mongolia Accelerate Negotiations for Comprehensive Economic Partnership Agreement

South Korea and Mongolia have discussed measures to accelerate negotiations for a Comprehensive Economic Partnership Agreement (CEPA).

The Ministry of Trade, Industry and Energy announced that Minister for Trade Yeo Han-koo held a trade ministerial meeting with J. Enkhbayar, Mongolia's Minister of Economy and Development, in Mongolia today (June 17).

Minister Yeo emphasized the importance of an early conclusion of the CEPA to accelerate economic cooperation and strengthen supply chain connectivity between the two countries.

He then coordinated detailed positions with the Mongolian side to prepare a settlement plan for the goods and rules of origin sectors, which are key issues in the CEPA negotiations.

Mongolia is an important emerging trading partner for South Korea, which is pursuing the stabilization of core mineral supplies, as it is rich in minerals essential for high-tech industries such as copper, molybdenum, and rare earth elements.

Although South Korea and Mongolia upgraded their bilateral relationship to a "strategic partnership" in 2021, there has been no trade agreement to institutionally support the expansion of trade and investment, leading the two nations to pursue the conclusion of a CEPA since November 2023.

"The South Korea-Mongolia CEPA will serve as a key institutional foundation not only for expanding trade and investment between the two countries but also for building a stable supply chain alliance," Minister Yeo said. "We will accelerate future negotiations to achieve mutually beneficial results."

(Photo courtesy of the Ministry of Trade, Industry and Energy, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.