S. Korea, Netherlands hold first joint economic committee session in Hague

SEOUL-- South Korea and the Netherlands held the first session of their joint economic committee in The Hague this week to discuss ways to enhance bilateral cooperation on trade and investment, Seoul's foreign ministry said Wednesday.

Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon and his Dutch counterpart Hanneke Schuiling held the talks on Tuesday after signing a memorandum of understanding (MOU) on the establishment of the bilateral economic committee.

The MOU was inked in line with the two countries' 2016 summit agreement on boosting their economic cooperation.

"While the two sides agreed to strengthen mutually beneficial trade relations based on the South Korea-EU free trade agreement, they also agreed to further expand mutual investments," the ministry said in a press release.

Two-way trade volume, which stood at US$8.37 billion in 2015, rose to $11.7 billion last year.

The two sides also shared the understanding that they need to increase exchanges and cooperation in sectors related to cutting-edge technologies. They also agreed to explore ways to cooperate over sustainable development related to such areas as new, renewable energies.

Source: Yonhap News Agency

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