South Korea, Mongolia hold talks for economic partnership agreement

Seoul, South Korea launched the third round of talks for a comprehensive economic partnership with Mongolia on Tuesday that focuses on stronger cooperation on trade and supply chains, Seoul's industry ministry said. The third official round of negotiations for the bilateral economic partnership agreement (EPA) began on the day in Ulaanbaatar for a four-day run, as the two sides have agreed to clinch one that aims to boost overall economic cooperation and ensure stable supply chains, according to the Ministry of Trade, Industry and Energy. The initial round of official talks was launched in December 2023, according to South Korean News Agency (Yonhap). During the latest meeting, the two sides plan to discuss 13 segments, such as goods, services, investment and digital trade, as well as ways of enhancing cooperation on stable supply chains and joint responses to climate changes. "Mongolia is a crucial economic partner as it can help South Korea diversify its overseas markets and stabilize supply chains. We will strive to lay the groundwork for stronger, extensive economic cooperation," Seoul's chief negotiator Ryu Peob-min said. An EPA is meant to establish a mutually beneficial trade network with partner nations beyond a simple market opening, though it covers a smaller scope of areas compared with a traditional free trade agreement. Source: Bahrain News Agency