Minister for Trade Yeo Han-koo (left) and Egyptian Minister of Investment and Foreign Trade Hassan Elkhatib on Jan. 18 shake hands after signing a joint statement on promoting a comprehensive economic partnership agreement between both sides in Cairo, Egypt. (Ministry of Trade, Industry and Resources)

By Lee Dasom

The Ministry of Trade, Industry and Resources has officially launched talks on concluding a comprehensive economic partnership agreement (CEPA) with Egypt, an economic hub in North Africa and a logistical foothold connecting Europe, the Middle East and Africa.

The ministry on Jan. 18 said Minister for Trade Yeo Han-koo in Cairo, Egypt, that day signed a joint declaration on promoting the accord with Egyptian Minister of Investment and Foreign Trade Hassan Elkhatib.

In November last year, both sides had agreed to pursue the deal at a bilateral summit. Through the latest signing, the two ministers agreed to review progress in their respective domestic procedures to begin CEPA negotiations and closely cooperate to start such talks as soon as possible.

Afterwards, Minister Yeo met with Walid Gamal El-Din, chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), to discuss methods of Korean corporate advances to the region.

Both sides agreed that Egypt has high potential as a future production and logistics foothold for Korean businesses due to SCZONE's geopolitical advantages, abundant labor force and extensive network of free trade agreements.

In the meeting, Minister Yeo proposed launching a regular consultative body between the Korea Trade-Investment Promotion Agency and SCZONE to allow the smooth advance of Korean companies and promote consistent cooperation.

He said, "We will accelerate negotiations from the beginning to the conclusion to systematically support our companies' stable trade and investment activities."

dlektha0319@korea.kr