Africa is a huge consumer market with a population of 1.4 billion and a GDP of $3.4 trillion, but South Korea's trade with Africa accounts for only 1.9% of total trade. South Korea has plans to further strengthen economic cooperation with Africa.[2]
South Korea and Tanzania announced the start ofEconomic Partnership Agreement (EPA) negotiations to deepen trade relations. In addition, to promote trade and investment, the Trade and Investment Promotion Framework was signed with eight African countries, including Ghana, Malawi, and Zimbabwe. Additionally, South Korea signed separate agreements on key minerals with Tanzania and Madagascar.[3]
"The partnership between South Korea and Africa is a tell-tale example of how global citizens, despite different backgrounds, can get together to achieve the goal of joint prosperity."
