Ulaanbaatar: South Korea and Mongolia will kick off their sixth round of negotiations for a bilateral comprehensive economic partnership agreement (CEPA) this week, in line with efforts to seek mutually beneficial growth, the trade ministry said Tuesday. The two countries will launch the new round of negotiations on Wednesday, which will run for three days, in Ulaanbaatar, according to the Ministry of Trade, Industry and Resources.

According to Yonhap News Agency, a CEPA is a type of free trade agreement that emphasizes a broad scope of economic cooperation and exchanges in addition to market opening. South Korea and Mongolia launched negotiations in December 2023, narrowing their differences in a wide array of areas, including trade, services, investment and economic cooperation.

During the latest round of talks, the trade ministry said Seoul and Ulaanbaatar will especially focus on talks over goods and rules of origin. "South Korea, which holds advanced manufacturing and technology capacity, has a mutually beneficial industrial structure with Mongolia, which boasts high economic growth and rich natural resources," the trade ministry said.

"Once the bilateral CEPA is clinched and implemented, it will not only lead to expanded trade and investment between the two countries, but also strengthen supply chain and industrial cooperation in a wide range of areas, including infrastructure and consumer goods," it added.