Ministry of Trade Industry and Resources

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that the fourth official negotiating round for the Korea-Mongolia Economic Partnership Agreement (EPA) will convene from November 26–29 in Seoul.

Director General for FTA Negotiations Kwon Hye-jin and State Secretary of Mongolia’s Ministry of Economy and Development Batkhuu Idesh are each leading their respective delegation.

In this fourth negotiating round, the two sides plan to make progress in 19 key areas including goods, services, investment, digital, government procurement, intellectual property, rules of origin, and economic cooperation.

Rich in resources like rare earth elements and tungsten, Mongolia is currently seeking to diversify its trade network. Through the EPA, the Korean government is aiming to boost Mongolia-bound exports of Korea’s promising items and expand its services market presence and investment, while further stabilizing the supply chain of key materials for advanced industries by establishing a legal and institutional framework for the bilateral development and cooperation in mineral resources and energy.

Trade Minister Inkyo Cheong attended the opening ceremony of the fourth official EPA negotiating round and asked both delegations to make concerted effort to swiftly conclude a mutually beneficial agreement.