South Korea, Central Asia Launch Joint Industrial Co-Op Mechanism

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 16. South Korea and Central Asian countries have agreed to strengthen industrial cooperation and develop sustainable supply chains through the creation of a consultative mechanism of industry ministers in the "C5+1" format.

According to the press service of the Kyrgyz president, the agreement was outlined in the Seoul Declaration adopted following the first South Korea–Central Asia Summit.

According to the information, the leaders welcomed the establishment of the mechanism and the signing of a memorandum of understanding on cooperation in industry and supply chains between South Korea and the five Central Asian states, agreeing to expand practical cooperation and build an institutional framework for economic engagement.

"The leaders emphasized the importance of diversifying trade by expanding the range of goods from both the Republic of Korea and Central Asian countries, while simultaneously boosting production capacities and fostering mutually beneficial and complementary trade and investment through consultations aimed at removing non-tariff barriers for the shared prosperity of the Republic of Korea and Central Asian nations," the declaration says.

The sides also emphasized the need for consultations aimed at removing non-tariff barriers to facilitate economic cooperation.

According to the declaration, the establishment of specialized Korean Desks within the government structures of Central Asian countries, along with agreements on customs cooperation and mutual assistance, would contribute to simplifying trade procedures, attracting investment and improving the business environment.

Meanwhile, the first Central Asia-Republic of Korea Summit is being held in Seoul on September 16-17. The summit brings together the leaders of South Korea and the five Central Asian countries - Kazakhstan, Turkmenistan, Uzbekistan, Kyrgyzstan and Tajikistan - marking the first elevation of the Korea-Central Asia dialogue to the leaders' level. Seoul has said the summit is intended to deepen regional cooperation and produce practical results for the participating countries.

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