S. Korea-Bosnia and Herzegovina economic cooperation agreement takes effect

SEOUL, Nov. 6 (Yonhap) -- A bilateral economic cooperation agreement between South Korea and Bosnia and Herzegovina took effect Friday, providing an institutional framework for expanding ties in investment, tourism, agriculture and various other sectors, Seoul's foreign ministry said.

The agreement was signed in Sarajevo in March and is taking effect 30 days after the two countries notified each other that they have completed their respective domestic procedures for its entry into force, according to the ministry.

"The agreement is expected to consolidate economic ties with Bosnia and Herzegovina and provide an institutional basis for South Korean companies seeking to expand into the Balkan region," the ministry said in a release.

It also allows the two countries to set up meetings of economic and technical experts to review its implementation and discuss ways to strengthen economic cooperation, which is expected to further deepen bilateral practical cooperation, the ministry added.

Bilateral trade reached US$41.59 million in 2025, with South Korea exporting mainly steel, electronic equipment and auto parts, while importing mostly lead ore and clothing, according to the Korea International Trade Association.

With the agreement taking effect, South Korea now has 102 economic cooperation agreements in force. The government plans to continue pursuing such agreements to expand its economic diplomacy network and support local companies' entry into global markets.

graceoh@yna.co.kr
(END)