South Korea seeks to start free trade deal talks with Egypt – minister

South Korea seeks to start free trade agreement (FTA) talks with Egypt, its Trade Minister Yeo Han-koo said in a statement on Monday.

This would be Korea’s first deal of its kind with an African country.

Minister Han-koo had a virtual meeting with his Egyptian counterpart Nevine Gamea. They discussed ways to bolster bilateral economic ties.

“The potential FTA will help South Korean firms penetrate deeper into the Egyptian market, further speeding up trades and investment between the two countries,” Minister Han-koo further said, suggesting his counterpart to launch feasibility studies soon.

The Asian country plans not only to forge deeper ties in traditional areas, such as the construction sector, with Egypt, but also in emerging areas, such as healthcare and consumer goods, Yonhap cited the minister as saying.

Egypt is South Korea’s third largest African trade partner, following South Africa and Liberia.