South Korea plans to sign bilateral Economic Partnership Agreements (EPA) with Morocco and six other rising and high-potential countries to increase economic growth and diversify its trade portfolio, according to the Korean Ministry of Industry.
The ministry outlined that South Korea is aiming to establish EPAs with Morocco, Kenya, Tanzania, Thailand, Pakistan, Serbia, and the Dominican Republic.
An EPA is different from a traditional Free Trade Agreement (FTA) in that it covers a wider scope. EPAs include the same provisions for tariff-free trade of goods and services between countries as in a traditional FTA, but also can provide for free movement of people, improve relations between governments and help settle international disputes.
Seoul’s deputy minister for trade negotiations Roh Keon-ki, said: “The seven nations bear high growth potential and have ample room for mutually beneficial cooperation with South Korea”.
This year, South Korea hopes to sign FTAs with more than ten countries and establish a trade promotion framework with more than twenty countries overall.