Ministry of Trade, Industry and Energy

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with Federico Cuello, Ambassador of the Dominican Republic to the Republic of Korea, on March 27 in Seoul to exchange views on the global trade landscape and discuss measures for stronger bilateral economic cooperation.

During the talks, Trade Minister Cheong noted the rising need for economic cooperation between Korea and Latin America amid the rapidly changing global trade environment and requested Ambassador Cuello’s active role in this respect as the Dean of the Group of Latin American and Caribbean Countries (GRULAC).

In view of the Dominican Republic being Korea’s major economic partner in the Latin American and Caribbean region, Trade Minister Cheong proposed that the two countries widen their trade and industry cooperation based on the bilateral Trade and Investment Promotion Framework (TIPF) signed on the occasion of the Dominican Republic Vice President Raquel Peña’s visit to Korea in April 2023.

Moreover, the trade minister asked the Dominican Republic’s cooperation with regard to the bilateral Economic Partnership Agreement (EPA) negotiations for the establishment of a stable basis for greater trade and investment between the two countries. He also requested support towards facilitating Korean businesses’ participation in the Dominican Republic’s energy infrastructure projects going forward.