More Agreements
South Korea plans new Free Trade Agreements (FTAs) with countries in the Middle East, Central Asia, and Africa, the Ministry of Trade, Industry & Energy (MOTIE) of South Korea said on April 30.
The Ministry said that it plans new FTAs targeting the consumer markets of those regions, which have recently emerged as engines for economic growth.
Kim Hak-do, director of the trade sector of the MOTIE, said that the new FTA plans are aimed at expansion of FTA networks with emerging countries, as well as consolidation of “existing FTA platforms,” for South Korea’s ambition of being “the core of the integration of regional economies.”
Specifically, the Central American countries that South Korea is targeting are Guatemala, Ecuador, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Mexico, Argentina, Brazil, Paraguay, Uruguay, and Venezuela, the MOTIE said.
The Middle Eastern countries that South Korea is targeting for new FTAs include Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Qatar, and Bahrain, the MTIE said.
The Central Asian countries that South Korea is targeting for new FTAs include Mongolia and Uzbekistan.
The African countries that South Korea is targeting for new FTAs include Egypt and South Africa, the MOTIE said.
Other Asian countries that South Korea is targeting for new FTAs include Japan, Indonesia, and Pakistan.