Amman, March 30 (Petra) -- Jordan and South Korea signed an agreement on Monday aimed at boosting bilateral trade and investment, expanding cooperation in goods and services, and creating a more structured framework for economic collaboration.

Minister of Industry, Trade, and Supply Yarub Qudah and South Korean Ambassador to Jordan Kim Pil-woo signed the agreement.

According to a ministry statement, Qudah said Jordan is keen to strengthen economic and trade relations with South Korea and expand cooperation between the public and private sectors in both countries in a way that serves mutual interests and supports sustainable economic development.

Kim, for his part, stressed the importance of deepening economic partnership and broadening cooperation across various sectors to boost trade volumes and mutual investment opportunities.

The agreement establishes a modern and comprehensive framework for regulating and developing economic and trade relations between the two countries. It replaces the bilateral trade agreement signed in 1972, reflecting the significant evolution of economic ties over recent decades and the push to expand cooperation in line with global economic developments.

Cooperation between the two sides has also broadened to include a range of sectors, notably garments, pharmaceuticals, chemicals, and other industrial goods, highlighting the diversity of bilateral economic engagement and the potential for further expansion.

The agreement is intended to promote trade and investment flows by providing an institutional framework for cooperation in goods and services trade, industrial cooperation, investment promotion, and the exchange of expertise in economic and development policies.

It also provides for the establishment of a Jordanian-Korean joint committee for trade and eonomic cooperation, which will serve as a key platform for advancing economic ties on the basis of mutual benefit, expanding cooperation in trade, industry, and services, exploring new opportunities, and consulting on any challenges facing bilateral economic relations.

The agreement is expected to help improve the business environment, increase trade exchange, and stimulate joint investment, supporting sustainable economic development in both countries and opening broader prospects for a long-term strategic economic partnership.

//Petra// AO