Park Jung-sung, chief trade negotiator at South Korea's Ministry of Trade, Industry and Energy, and Egyptian Minister of Investment and Foreign Trade Mohamed Farid Saleh exchange a joint declaration on the launch of Comprehensive Economic Partnership Agreement negotiations at Cheong Wa Dae on Thursday, in the presence of President Lee Jae Myung and Egyptian President Abdel Fattah el-Sisi. [Yonhap]
Park Jung-sung, chief trade negotiator at South Korea's Ministry of Trade, Industry and Energy, and Egyptian Minister of Investment and Foreign Trade Mohamed Farid Saleh exchange a joint declaration on the launch of Comprehensive Economic Partnership Agreement negotiations at Cheong Wa Dae on Thursday, in the presence of President Lee Jae Myung and Egyptian President Abdel Fattah el-Sisi. [Yonhap]

South Korea has officially launched free trade agreement negotiations with Egypt, marking the first such push with a North African country. The two sides also agreed to pursue cooperation in eco-friendly shipbuilding infrastructure in line with Egypt's "2030 Suez Canal Green Strategy."

The Ministry of Trade, Industry and Energy said Thursday that Park Jung-sung, South Korea's chief trade negotiator, and Egyptian Minister of Investment and Foreign Trade Mohamed Farid Saleh signed a joint declaration to launch Comprehensive Economic Partnership Agreement (CEPA) negotiations during a bilateral summit held on the occasion of Egyptian President Abdel Fattah el-Sisi's state visit to South Korea. The ministry said the declaration carries particular significance as it marks the first time South Korea has launched CEPA negotiations with a North African country.

The two leaders had earlier agreed to actively pursue CEPA discussions during a summit held when President Lee Jae Myung made an official visit to Egypt in November last year.

A CEPA is a trade agreement that offers greater flexibility in structure and level of market opening than a conventional free trade agreement, while strengthening cooperation across a broad range of sectors.

Egypt is Africa's second-largest economy and a key hub in the Middle East and North Africa (MENA) region, with high growth potential underpinned by a population of about 120 million.

Park held separate meetings Thursday with Egypt's minister of investment and foreign trade, minister of industry, and head of the Suez Canal Economic Zone Authority to discuss follow-up cooperation aimed at translating the economic momentum from the summit into concrete outcomes.

The two sides agreed to broaden cooperation across multiple areas, including laying the groundwork for expanded bilateral trade and investment through early CEPA negotiations, reviewing the status of South Korean companies' major operations in Egypt such as home appliances and apparel, and resolving business difficulties to facilitate corporate activity and investment.

Industry Minister Kim Jung-kwan also signed a memorandum of understanding on shipbuilding cooperation with his Egyptian counterpart, Industry Minister Khaled Hashem, aimed at strengthening the two countries' shipbuilding capabilities and supporting the sector's green transition.

The ministry said it expects South Korean shipbuilders to expand their presence in the Egyptian market through future cooperation on next-generation vessel construction and repair, specialty ship building, and equipment exports, combining South Korea's world-class shipbuilding technology with Egypt's commitment to developing its own shipbuilding industry.


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