According to Yonhap News,
South Korea's trade ministry said Thursday it has agreed with Georgia to officially launch negotiations for a comprehensive economic partnership on trade and supply chains.
Trade Minister Ahn Duk-geun met his Georgian counterpart Genadi Arveladze in Seoul, where they announced the launch of talks for the Economic Partnership Agreement (EPA), the Ministry of Trade, Industry and Energy 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.
The ministry said Georgia, which is the transportation and logistics hub of the Caucasus region, has significant potential for bilateral cooperation in various areas, including the energy sector.
"Through the EPA with Georgia, we expect the two countries to bolster comprehensive economic relationships in not only exports and investment but also in supply chains," Ahn said.
The two countries plan to hold the first round of negotiations in the first quarter of 2024.
colin@yna.co.kr
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Source: Yonhap News (November 2, 2023)