A bilateral agreement on economic cooperation with Montenegro takes effect next month. Shown is the compound of the Ministry of Foreign Affairs in Seoul's Jongno-gu District. (Ministry of Foreign Affairs)

By Yoo Yeon Gyeong

An economic cooperation agreement with Montenegro will take effect from March 1.

The Ministry of Foreign Affairs on Feb. 27 said, "The effectuation of the agreement lays the legal foundation for both countries to strengthen practical cooperation in sectors of mutual interest such as industry, energy, tourism and investment promotion."

The accord allows Korean companies to more easily advance to the Eastern European country and helps alleviate the trade imbalance. For effective implementation of the pact, both sides will launch a joint committee on boosting economic cooperation.

Korean exports to Montenegro last year reached USD 10.3 million and imports from the European country USD 94.82 million.

The latest agreement is 99th of its kind for Korea.

In a news release, the ministry said, "The government will continue pursuing the conclusion of economic cooperation agreements to expand human and material exchanges and develop economic cooperation partnerships with other countries."

dusrud21@korea.kr