Seoul: South Korea and Serbia have commenced official negotiations for a comprehensive economic partnership agreement (CEPA) as both nations aim to enhance their economic ties in the face of global trade uncertainties, according to Seoul's industry ministry.

According to Yonhap News Agency, the first round of discussions for this prospective free trade agreement is set to take place over four days, concluding on Thursday in Seoul. The Ministry of Trade, Industry and Resources has indicated that the negotiations will concentrate on ten critical sectors, including tariff concessions, customs procedures, and economic cooperation.

Son Ho-young, acting director general for free trade agreement negotiations at the ministry, highlighted Serbia's strategic importance as a hub connecting the European Union's neighboring markets with the Balkan region. He noted that Serbia has become a significant emerging partner for Korean companies, particularly in the electric vehicle, battery, and renewable energy sectors. A CEPA with Serbia is anticipated to improve Korean companies' market access and assist Seoul in mitigating supply chain risks.