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S. Korea proposes bilateral trade promotion agreement with Bulgaria

South Korea on Wednesday proposed signing a bilateral trade and investment promotion agreement with Bulgaria as the two nations seek to enhance cooperation on the economy and wider industry fields, Seoul’s trade ministry said.

South Korea’s Trade Minister Ahn Duk-geun made the proposal during a meeting with Bogdan Bogdanov, Bulgaria’s economic and industry minister, in Seoul, according to the Ministry of Trade, Industry and Energy.

The Trade and Investment Promotion Framework (TIPF) is a nonbinding agreement that calls for enhancing economic ties and facilitating cooperative exchanges.

South Korea has the respective TIPF agreement with eight nations, including the United Arab Emirates, Dominican Republic and Hungary.

During the meeting, Ahn also called for stronger bilateral cooperation on supply chains of major industries and various other advanced sectors, such as nuclear power generation, hydrogen and bio fields, the ministry said.

He also asked for Bulgaria’s participation in the South Korea-led initiative of the “Carbon Free Alliance,” which calls for an active adoption of nuclear power and green hydrogen as future energy sources to achieve carbon emission goals.

Source: Yonhap News