Seoul: South Korea and Mongolia discussed ways to accelerate negotiations for a bilateral comprehensive economic partnership agreement (CEPA), Seoul's trade ministry announced. The agreement is expected to enhance cooperation in critical minerals between the two countries.

According to Yonhap News Agency, Kwon Hye-jin, the director general for trade negotiations at South Korea's Ministry of Trade, Industry and Resources, visited Mongolia to engage with officials, including Batkhuu Idesh, who leads Mongolia's CEPA negotiation team. The two nations have conducted four rounds of CEPA negotiations up to November 2024, but talks have been hindered by Mongolia's concerns over market opening and disagreements on goods and rules of origin.

During the meeting, Kwon emphasized the need to bridge differences in these areas and proposed that critical mineral supply chain cooperation be included in the CEPA discussions. The ministry highlighted Mongolia's abundant deposits of critical minerals, such as copper, molybdenum, and rare earths, which position Mongolia as a promising partner for South Korea's supply chain cooperation.

Kwon stated, "Mongolia is an emerging market where Korean companies are actively expanding their business and also an important partner for resource cooperation," and committed to accelerating CEPA negotiations with Mongolia.