S. Korea proposes trade promotion agreement to Ireland

SEOUL, Nov. 2 (Yonhap) -- South Korea's trade ministry said Thursday it has proposed to Ireland the establishment of a trade promotion partnership to expand the scope of bilateral exchanges.

Trade Minister Ahn Duk-geun met his Irish counterpart, Simon Coveney, in Seoul to discuss ways to broaden bilateral economic ties, according to the Ministry of Trade, Industry and Energy.

The meeting came on the margins of Irish Prime Minister Leo Varadkar's visit to South Korea this week along with business officials.

During the meeting, Ahn said South Korea wishes to clinch a Trade and Investment Promotion Framework (TIPF) agreement with Ireland to diversify areas of cooperation.

The TIPF is a nonbinding agreement that calls for enhancing economic ties and facilitating cooperative exchanges in various areas, including supply chains and the digital and biotechnology sectors.

According to the trade ministry, Ireland stands as the sixth-largest European investor in South Korea, with their trade maintaining continued growth on the back of the free trade agreement with the European Union.

colin@yna.co.kr
(END)