South Korea proposes bilateral trade promotion agreement with Bulgaria

South Korea proposed signing a bilateral trade and investment promotion agreement with Bulgaria in Seoul, as the two nations seek to enhance cooperation on the economy and wider industry fields, Yonhap News Agency reported, citing the Korean Ministry of Trade, Industry and Energy. South Korea's Minister for Trade Dukgeun Ahn made the proposal during a meeting with Bogdan Bogdanov, Bulgaria's Minister of Economy and Industry.

The Trade and Investment Promotion Framework is a non-binding agreement that calls for enhancing economic ties and facilitating cooperative exchanges. South Korea has such agreements in force 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 other advanced sectors, such as nuclear power generation, hydrogen and bio fields.

The Minister for Trade 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.