South Korea’s economic and trade cooperation agreement with Jordan has gone into effect, the Foreign Ministry said Tuesday.
The agreement between the governments of the Republic of Korea and the Hashemite Kingdom of Jordan, as they are formally known, respectively, on economic and trade cooperation entered into force on June 9, according to the ministry.
The pact provides a basic framework for comprehensive economic cooperation between the two countries, covering a wide range of areas including investment, tourism, agriculture and the environment.
The ministry said the agreement is expected to strengthen South Korea’s economic ties with Jordan and create a legal foundation that could help Korean companies expand their presence in the wider Middle Eastern market.
Under the agreement, the two governments plan to establish a joint committee on trade and economic cooperation. The committee will review the implementation of the agreement, identify new areas of cooperation and discuss ways to expand and diversify bilateral economic cooperation.
cheesuk@heraldcorp.com