On Monday, South Korea’s trade ministry said it wanted to start negotiations on a free trade agreement (FTA) with Egypt, which would be the first agreement of its kind with an African country.
According to the Ministry of Trade, Industry and Energy, Minister of Trade Eo Han Ku plans to meet with his Egyptian counterpart Nevin Gamea almost the same day to discuss ways to strengthen bilateral economic ties.
“The potential free trade agreement will help South Korean firms penetrate deeper into the Egyptian market, further accelerating trade and investment between the two countries,” Yeo said in a statement, offering his colleague a feasibility study in the near future.
Yeo said South Korea plans to not only establish deeper ties with Egypt in traditional areas, such as the construction sector, but also in new areas, including health care and consumer goods.
Egypt is South Korea’s third largest trading partner on the African continent after South Africa and Liberia. Outbound shipments to Egypt were estimated at $ 1.21 billion in 2020, down 22 percent from the previous year’s $ 1.57 billion.
South Korea mainly supplied cars, synthetic resins and displays to Egypt. Its main imports from North Africa included oil and natural gas.