Korean Trade Minister Cheong In-kyo and Serbian Minister of Domestic and Foreign Trade Tomislav Momirović launched talks for an Economic Partnership Agreement in Seoul.
An EPA, a form of FTA, includes broader economic cooperation beyond tariff reductions.
Serbia, in southeastern Europe, has significant reserves of critical minerals like lithium and zinc.
The country is emerging as a manufacturing hub in Europe, with several South Korean automotive parts suppliers, including Hankook Tire & Technology, operating there.
The agreement is expected to boost cooperation in advanced industries, such as electric vehicles and batteries, utilizing Serbia's lithium resources.
As Serbia considers adopting nuclear power, the pact could also benefit Korea's nuclear industry.
"We hope this EPA will serve as an institutional foundation for opening new horizons in our bilateral cooperative relationship," Cheong said.
"We look forward to expanding collaboration in various fields such as automobiles, cutting-edge technology, renewable energy and nuclear power."
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