AfCFTA Updates

AfCFTA Secretariat Deepens Trade Relations with South Korea Through Strategic Engagement

Seoul, South Korea, 22-26 April 2024 – H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, led a delegation to South Korea to enhance bilateral trade relations and explore opportunities for investment and economic cooperation. The visit focused on strengthening the partnership between the AfCFTA and South Korea in areas of trade facilitation, investment, and infrastructure development.

During the visit, H.E. Mene held high-level discussions with South Korea’s Minister of Foreign Affairs, H.E. Cho Tae-Yul, and Minister of Trade, H.E. Cheong In-Kyo. These discussions centered on advancing strategic economic cooperation, exploring trade agreements, and identifying investment opportunities in Africa’s growing markets.

H.E. Mene emphasized the AfCFTA’s commitment to fostering an environment conducive to foreign investment in Africa, underscoring the continent’s vast potential, particularly in energy, infrastructure, and digital trade. He also highlighted the AfCFTA’s recent adoption of protocols on Digital Trade and Women and Youth in Trade, which aim to streamline trade processes and create more inclusive economic opportunities across the continent.

Key Outcomes:

Discussions advanced towards formalizing an agreement to enhance bilateral trade and investment between South Korea and AfCFTA member states.
The engagements laid the groundwork for exploring the possibility of a Free Trade Agreement (FTA) between South Korea and the AfCFTA to streamline trade relations.
South Korea expressed strong interest in increasing investments in key sectors such as energy, infrastructure, and manufacturing, with a focus on facilitating public-private partnerships.
The AfCFTA Secretariat and South Korean authorities discussed measures to streamline customs procedures and enhance trade facilitation across borders, particularly through digital trade initiatives.

Both sides reaffirmed their commitment to deepening economic cooperation and furthering sustainable trade and investment partnerships that benefit both Africa and South Korea.