South Korea to expedite conclusion of Free Trade Agreement with Uzbekistan

“We will expand exchanges and cooperation with our New Southern and New Northern Policy partner nations by expediting FTA negotiations with the Philippines, Cambodia and Uzbekistan,” the President of the Republic of Korea said.

It should be recalled that the “New Northern Policy”, actively promoted by the government of the Republic of Korea, provides for the development of close cooperation in various fields with the countries of the Eurasian continent, including Uzbekistan.

To date, the Republic of Korea has signed free trade agreements with such structures as the European Union and the European Free Trade Association, the Association of Southeast Asian Nations (ASEAN), as well as with the USA, Canada, Australia, New Zealand, Chile, Colombia, Peru, China, India, Singapore, Vietnam and Turkey.

South Korea is the fourth largest foreign trade partner of Uzbekistan. According to the State Statistics Committee data, the volume of trade turnover between the two countries in 2019 reached $2.755 billion, in January-November 2020 – $1.908 billion.