Ambassador to Ukraine Park Kichang (right) and Moldovan Deputy Prime Minister and Minister of Economic Development and Digitalization Eugeniu Osmochescu on Feb. 17 pose for photos after signing an economic cooperation agreement in Moldova. (Ministry of Foreign Affairs)

By Kim Seon Ah
A bilateral agreement with Moldova on economic cooperation has taken effect, bringing to 100 the number of countries Korea has such accords with.

The Ministry of Foreign Affairs in Seoul on April 24 said the accord, which sets the basic framework for economic cooperation in a range of areas including investment, tourism, agriculture, the environment, and science and technology, was concluded after consultations with related ministries and negotiations on text.

The effectuation is expected to boost cooperation with Moldova, a strategic hub connecting Eurasia and Europe, and Korean corporate advances into Central and Eastern Europe.

Bilateral trade with Moldova last year reached USD 118 million, a tremendous 360% leap from USD 32.54 million in 2020. The two countries have a complementary trade structure, with Korea expanding exports of cars, steel and cosmetics while importing Moldovan wine and agricultural products.

The agreement stipulates stronger cooperation in sectors like industry, energy, information and communications technology, transportation and the environment as well as the launch of a high-level joint economic committee to identify joint projects and review their implementation.

In addition, bigger exchanges of experts, scientists and students are scheduled along with participation in global fairs and exhibitions to build networks and form an information sharing system.

sofiakim218@korea.kr