SEOUL, May 11 (Yonhap) — South Korea and Zimbabwe have agreed to push for talks on signing a trade and investment agreement to strengthen bilateral economic and industry ties, Seoul’s industry ministry said Thursday.
Trade Minister Ahn Duk-geun made the proposal to clinch the Trade and Investment Framework (TIPF) during a meeting with Zimbabwe’s President Emmerson Mnangagwa and the country’s foreign and trade minister, Frederick Shava, earlier this week, and the two sides agreed upon discussions for the agreement, according to the Ministry of Trade, Industry and Energy.
Ahn made a three-day visit to the African nation from Tuesday as a presidential envoy.
TIPF is a nonbinding agreement that calls for enhancing economic ties and facilitating cooperative exchanges.
If signed, it will be South Korea’s first TIPF with an African nation, as Seoul currently has the respective agreement with the United Arab Emirates, Dominican Republic and Hungary.
“The envisioned agreement is expected to serve as a basis for the establishment of bilateral network channels for supply chains of minerals and industry cooperation,” Ahn said.
During Ahn’s visit, state-run trade promotion agencies of the two nations signed a memorandum of understanding that calls for exchanging information on markets, economic circumstances and facilitating business exchanges, the ministry said.
Bilateral trade came to US$30 million in 2021, according to government data.
This file photo, provided by Hyundai Motor Group on Sept. 25, 2022, shows Zimbabwe’s Vice President Constantino Chiwenga (R) shaking hands with Kia Corp. President and Chief Executive Song Ho-sung during a meeting in Harare. (PHOTO NOT FOR SALE) (Yonhap)
graceoh@yna.co.kr
(YONHAP NEWS)