Serbia Commences Negotiations on Free Trade with Republic of Korea – Potential Goods Exchange Worth USD 2 Billion a Year

After the free trade agreement is signed with the Republic of Korea, the goods exchange with this country could exceed USD 2 billion a year, said the minister of domestic and foreign trade of Serbia, Tomislav Momirovic.

Following an online meeting with representatives of the Ministry of Trade of South Korea, Momirovic said that, in the previous year, the total good exchange with that country had amounted to USD 584.5 million, an increase of close to 19% compared to 2021.

He said that Hungary had managed to attract over EUR 6 billion in foreign direct investments from South Korea and added that the data showed the size of the potential of an additional improvement of the trade between Serbia and South Korea, according to the website of the Government of Serbia.

– Although a large number of companies whose owners are from this country has opened, it is obvious that the room for our trade cooperation and investments is much bigger than the current one – the minister emphasized.

Momirovic pointed out that, to the end of attracting new investments and opening new markets, the Ministry of Domestic and Foreign Trade of Serbia was also involved in negotiations about free trade agreements with China, the United Arab Emirates and Egypt.