By Xu Aiying

President Lee Jae Myung and Egyptian President Abdel Fattah Al Sisi on Nov. 20 in a bilateral summit agreed to pursue a comprehensive economic partnership agreement (CEPA).

President Lee on the same day announced this to a joint media briefing with his Egyptian counterpart at Al-Ittihadiya Palace in Cairo.

Both leaders hailed their two countries for closely advancing their cooperative relations in many fields since forming diplomatic ties in 1995. They urged further strengthening of the basis for cooperation for future peace and prosperity, building on their trust and friendship developed over the past three decades.

The two sides agreed to expand practical cooperation that brings tangible benefits to the people of both nations by leveraging each country's strengths in economy, society, education, culture and the defense industry. They also pledged to raise their "comprehensive cooperative partnership" through these efforts.

"Egypt is North Africa's largest manufacturing hub and a key gateway connecting Africa, the Middle East and Europe, and both countries agreed on the huge potential for bilateral economic cooperation," President Lee said. "Based on this shared understanding, we decided to pursue the Korea-Egypt CEPA to launch an institutional framework for expanding economic cooperation."

The two leaders agreed to play "peace promoter" to jointly contribute to global peace including on the Korean Peninsula and in the Middle East. For this goal, they pledged to support each other's roles and efforts in promoting peace and stability in both regions and boost solidarity in advancing international peace.

President Lee invited the Egyptian leader to visit Korea next year, saying, "If President Al Sisi visits next year, it will be his first in a decade. I hope he can see with his own eyes how Korea has changed over the past 10 years and promptly discuss advancing bilateral cooperation in practical and concrete ways."

After completing his three-day official visit to Egypt, President Lee on Nov. 21 will depart for South Africa to attend the G20 summit of rich and developing economies. From Nov. 22, he will attend the event as the leader of a G20 member state to discuss inclusive growth, climate change and disaster relief, and a just future.

Also on his schedule is a summit with MIKTA, a consultative group of five middle powers led by Korea and comprising Mexico, Indonesia, Turkiye (Turkey) and Australia.

xuaiy@korea.kr