South Korea and Mongolia Agree in Principle to Economic Partnership Deal

South Korean President Lee Jae-myung and Mongolian President Ukhnaa Khurelsukh have agreed in principle to a Comprehensive Economic Partnership Agreement (CEPA), aiming to usher in a "golden era" for bilateral relations. The announcement came during President Lee's state visit to Mongolia.

“

We will work together to open a golden era for Korea-Mongolia relations.

"We will work together to open a golden era for Korea-Mongolia relations," President Lee stated. He highlighted the CEPA as a key step towards achieving a bilateral trade volume of $1 billion by 2030. The agreement signifies a deepening economic partnership between the two nations.

“

We will work together to achieve a bilateral trade volume of $1 billion by 2030, with the principled agreement on CEPA as a catalyst.

Both leaders committed to expanding cooperation in economy, trade, and investment. Particular emphasis was placed on strengthening collaboration in supply chains and the critical minerals sector, areas of growing global importance. The principled agreement on CEPA is expected to facilitate closer economic ties and mutual growth.

“

The two countries have agreed to expand cooperation in economy, trade, and investment, and strengthen collaboration in supply chains and critical minerals.