According to the Ministry of Trade, Industry and Energy, the negotiations will be led by Kwon Hye-jin, head of the Trade Negotiation Bureau, and Batkhuyag Idersh, Deputy Minister of Economic Development of Mongolia, with around 40 representatives from both countries participating.
The Korea-Mongolia CEPA negotiations began in December 2023 and included four rounds of talks until November 2024, but were temporarily halted due to circumstances on the Mongolian side. However, discussions to resume negotiations gained momentum earlier this year, marking a return to the negotiating table after approximately 1 year and 7 months of inactivity.
South Korea and Mongolia are considered highly complementary in terms of industrial and trade structures. By combining South Korea's manufacturing and technological capabilities with Mongolia's abundant resources of critical minerals such as lithium, copper, and rare earth elements, both countries expect to enhance trade and investment and strengthen economic cooperation, including supply chains.
The upcoming negotiations aim to address significant issues across key areas such as tariff concessions, services, investment, origin, and economic cooperation, with the goal of accelerating progress in the talks.
Kwon Hye-jin stated, "In an increasingly uncertain global trade environment, the CEPA with Mongolia will serve as an important opportunity for our companies to enter emerging markets and secure supply chain stability. Through these negotiations, we aim to make progress on key issues and lay the groundwork for a swift conclusion of the agreement."
* This article has been translated by AI.
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