Korea begins second official negotiations on economic ties agreement with Mongolia, one of the world's top 10 resource-rich countries

South Korea has begun the second official round of negotiations to conclude an Economic Partnership Agreement (EPA) with Mongolia, a nation rich in natural gas.
A free trade agreement (FTA) is an agreement in which two countries remove or lower tariffs on goods in order to open up markets.
While the U.S.-Japan Agreement places emphasis on "eliminating trade barriers" to promote trade between the two countries, the EPA focuses on "supply chain cooperation" in areas such as resources and energy.
The Ministry of Trade, Industry and Energy of South Korea said, "The Korea-Mongolian Trade Fair will be held in Ulaanbaatar, Mongolia from the 21st to the 23rd of this month (local time)
The South Korean government delegation, led by FTA negotiator Yoo Beom-min, will consist of the Ministry of Trade, Industry and Energy, the Ministry of Strategy and Finance, the Ministry of Agriculture, Forestry and Fisheries, and the Ministry of Agriculture, Forestry and Fisheries.
The Korean government delegation is made up of relevant government ministries and agencies, including the Ministry of Food, the Ministry of Maritime Affairs and Fisheries, and the Mongolian government delegation, including Vice Minister of Economic Development Badkhoo, will participate in the exchange of goods, services and
Negotiations will be held in areas such as investment, government procurement, country of origin, intellectual property rights, cooperation, and the environment. In a world where stabilizing supply chains is considered the core of cutting-edge industrial competitiveness, Mongolia has
The two sides are being closely watched as key partners in strengthening the supply chain. The Ministry of Trade, Industry and Energy of South Korea said, "In this second official round of negotiations, the two sides have agreed to continue to work on the issues discussed in the first round of negotiations held in Seoul in December last year.
Based on the results of the discussions, we will organize the issues by field," he said. "We also plan to make substantial progress in the negotiations, including by considering ways to resolve differences in position."