South Korea's industry ministry said Thursday it plans to pursue a comprehensive agreement on trade and investment with Sweden, and seek closer economic ties in the energy and biotechnology sectors. The two countries shared a consensus to seek a bilateral trade and investment promotion framework (TIPF) agreement during the joint industrial cooperation committee meeting held virtually, according to the Ministry of Trade, Industry and Energy. A TIPF is a nonbinding agreement that calls for enhancing economic ties and facilitating cooperative exchanges in various areas. During the meeting, South Korea and Sweden shared the latest policies regarding cutting-edge industries, including nuclear energy, biotechnology and the digital economy. The envisioned bilateral TIPF will include various issues, including cooperation in the supply chain and the promotion of carbon-free energy. "South Korea and Sweden, both powerhouses in the manufacturing industry, have consistently prioritized investments in innovative tech nology and research," the ministry said in a statement, expressing hope for deeper cooperation. Source: Yonhap News Agency
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