Korea and Egypt launch CEPA talks, sign 12 cooperation documents on shipbuilding, energy and more

[Financial News]  South Korea and Egypt agreed to launch negotiations on a Comprehensive Economic Partnership Agreement (CEPA) and strengthen cooperation in major industrial fields, including shipbuilding, clean energy and information and communications technology (ICT). They will also broaden cooperation beyond the economy and industry to include social insurance, culture and education.
According to Cheong Wa Dae on the 8th, President Lee Jae-myung and Egyptian President Abdel Fattah el-Sisi attended a signing ceremony for agreements and memorandums of understanding (MOUs) held on the occasion of their summit that day. With the leaders looking on, the two countries signed six documents, and concluded a total of 12 agreements, MOUs, joint declarations and other documents in connection with the summit.
First, the two countries formalized CEPA negotiations through a joint declaration signed by Park Jeong-seong, head of the Office of Trade Negotiations, and Egyptian Minister of Investment and Trade Muhammad Farid Saleh. The declaration is significant in that the negotiations will establish an institutional foundation for expanding trade and investment cooperation between the two countries.
The two countries also signed an MOU on shipbuilding cooperation, as well as separate cooperation documents on clean energy and ICT. They also concluded an MOU on maritime cooperation, broadening the scope of cooperation across industry.
Institutional cooperation closely tied to people’s everyday lives is also being pursued. The two countries’ foreign ministers signed an agreement on social insurance.
Cooperation between relevant ministries and institutions continued beyond the signing ceremony attended by the leaders. MOUs were concluded on establishing a partnership for power infrastructure cooperation and on cooperation in higher education. An exchange of notes was also prepared for a project to establish a digital platform for risk-based inspections and tracking to promote Egypt’s trade.
In the cultural field, an MOU was signed to make 2027 the “Year of Mutual Cultural Exchange.” In addition, an MOU on cultural exchange cooperation between the National Museum of Korea and the Grand Egyptian Museum, as well as a cooperation agreement between the National Agricultural Museum and the Grand Egyptian Museum, was signed.
The 12 documents concluded this time cover a range of fields, including trade and strategic industries, as well as education and culture.

[email protected] Choi Jong-geun Reporter