Tashkent, Uzbekistan (UzDaily.com) -- South Korea will speed up the process of concluding a Free Trade Agreement (FTA) with Uzbekistan. This was stated by the President of the Republic of Korea Moon Jae-in in his New Year’s address to his people, Dunyo news agency reported.

“We will expand exchanges and cooperation within the framework of the New Southern Policy and New Northern Policy by accelerating the FTA negotiations with the Philippines, Cambodia and Uzbekistan,” the President of the Republic of Korea said.

The "New Northern Policy", actively promoted by the government of the Republic of Korea, provides for the development of close cooperation in various fields with the countries of the Eurasian continent, including Uzbekistan.

The Republic of Korea has today signed free trade agreements with structures such as the European Union and the European Free Trade Association, the Association of Southeast Asian Nations (ASEAN), as well as with the USA, Canada, Australia, New Zealand, Chile, Colombia, Peru , China, India, Singapore, Vietnam and Turkey.

Uzbekistan and the Republic of Korea are reliable partners that have stood the test of time. As a result of high-level dialogue and common aspirations, relations between our countries are steadily developing in all directions.

The state visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to the Republic of Korea in November 2017 and the state visit of the President of South Korea Moon Jae-in to Uzbekistan in April 2019 raised bilateral relations to a qualitatively new level. These historic visits have laid a solid foundation for the development of multifaceted ties.

Political relations between the Republic of Uzbekistan and the Republic of Korea continue in the spirit of mutual support in the international arena. The parties’ approaches on issues of global and regional significance are similar or close.

Economic relations between our countries are developing rapidly, constructive and mutually beneficial political dialogue is intensifying. The Republic of Korea is a leading technology partner in the implementation of priority programs for the diversification and modernization of industry and infrastructure in Uzbekistan.

In general, the special strategic partnership between Uzbekistan and South Korea is of a long-term nature, based on equality and multifaceted cooperation. Therefore, the appeal of the President of the Republic of Korea this year to speed up the work on signing an FTA between our countries will undoubtedly open up new opportunities for the further development of trade and economic ties, attracting South Korean businessmen and intensifying business cooperation.

South Korea is the fourth largest foreign trade partner of Uzbekistan. According to the State Statistics Committee, the volume of trade between the two countries in 2019 reached US$2.755 billion, in January-November 2020 - US$1.908 billion.