Wednesday, July 17, 2024
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S. Korea, Finland Ink Agreement on Trade, Investment Promotion

South Korea and Finland clinched a trade promotion agreement Thursday in an effort to strengthen bilateral ties in supply chains, digital economy, and a wide range of economic and industry fields, Seoul’s industry ministry said.

The two countries signed the Trade and Investment Promotion Framework (TIPF) in Seoul, as they marked the 50th anniversary of the establishment of diplomatic relations, according to the Ministry of Trade, Industry and Energy.

The TIPF is a nonbinding agreement that calls for enhancing economic ties and facilitating cooperative exchanges in various sectors.

It marked the eighth TIPF deal for South Korea, and its partner nations include the United Arab Emirates, the Dominican Republic, Hungary, Poland and Uzbekistan.

“The two sides have maintained close cooperation on nuclear energy, defense and various other sectors based on similar geopolitical conditions and development experiences. The TIPF is expected to serve as a platform for stronger ties in broader, new issues,” Deputy Minister for Trade Negotiations Roh Keon-ki said.

Ahead of the signing ceremony, Roh held a meeting with Finland’s Under-Secretary of State Jarno Syrjala and asked for the European nation’s support for South Korea’s bid to host the 2030 World Expo in its southern port city of Busan, the ministry said.

Source : Korea Times

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