Yoon-Tanzania Presidential Meeting... "Start of Economic Partnership Agreement (EPA) Negotiations"

"Strengthening Cooperation for Stable Supply of Key Mineral Resources"

President Yoon Suk-yeol is seated alongside Samia Suluhu Hassan, President of Tanzania, shaking hands at the Korea-Tanzania Agreement and Memorandum of Understanding (MOU) signing ceremony held on the 2nd at the Yongsan Presidential Office in Seoul.
[Image source=Yonhap News]

On the 2nd, President Yoon Suk-yeol held a luncheon meeting with Samia Suluhu Hassan, President of Tanzania, who is visiting Korea to attend the Korea-Africa Summit, and agreed to strengthen cooperation between the two countries to ensure a stable supply of critical mineral resources. Notably, for the first time among African countries, they initiated negotiations on an Economic Partnership Agreement (EPA) with Tanzania and decided to diversify trade items between the two nations.

First, President Yoon welcomed President Hassan, who is visiting Korea as the Tanzanian president for the first time in 18 years and attending the Korea-Africa Summit for the first time. President Hassan said, "I am enjoying and deeply impressed by Korea's K-pop, K-food, and K-drama," adding, "I expect this official visit to serve as an opportunity to further strengthen the cooperative relationship between Tanzania and Korea."

The two leaders evaluated that since establishing diplomatic relations in 1992, the two countries have continuously developed a friendly and cooperative relationship, and they agreed to advance future-oriented practical cooperation in various fields going forward.

President Yoon stated, "I am pleased to declare the commencement of Economic Partnership Agreement (EPA) negotiations with Tanzania, the first among African countries today," and added, "I hope the agreement will be concluded promptly to contribute to diversifying trade items and increasing trade volume between the two countries."

In particular, President Yoon evaluated that Korean companies have achieved significant results by participating in the construction of key infrastructure such as bridges and railways in Tanzania, and proposed to continue strengthening cooperation in the infrastructure sector.

President Hassan appreciated the signing of the basic agreement on the Economic Development Cooperation Fund (EDCF) worth 2.5 billion dollars between the two countries from this year until 2028, and said, "I hope more Korean companies will participate in development projects aimed at Tanzania's economic development and improving the living conditions of its people."

The two leaders shared the need to strengthen cooperation between the two countries to ensure a stable supply of critical mineral resources in the era of the Fourth Industrial Revolution, and agreed to expand related cooperation through the Memorandum of Understanding (MOU) on critical mineral supply chains signed that day. Tanzania possesses critical minerals such as lithium, cobalt, and nickel. They also agreed to strengthen bilateral cooperation in the marine and fisheries sector through the signing of a Blue Economy Cooperation MOU.

Furthermore, the two leaders agreed to closely cooperate on the international stage, including Korea's activities as a non-permanent member of the United Nations (UN) Security Council for the 2024-2025 term. The presidential office also reported that they shared the view that North Korea's nuclear and missile development violates Security Council resolutions and that the international community must thoroughly implement Security Council sanctions against North Korea.