S Korea-intl bio agreement

▲ This file photo, provided by the science ministry on Sept. 3, 2021, shows a biofoundry facility of CJ Cheiljedang Corp. in Suwon, south of Seoul. (PHOTO NOT FOR SALE) (Yonhap)

S Korea-intl bio agreement

S. Korea pushing to launch world's 1st int'l bioeconomy agreement

SEOUL, May 3 (Yonhap) -- South Korea will push to launch an international agreement meant to boost trade and economic cooperation in the bioindustry among partner nations, the industry ministry said Wednesday.

Trade Minister Ahn Duk-geun announced the plan during a meeting with biochemical and bioenergy companies in Seoul, including CJ Cheiljedang Corp. and SK EcoPrime Co., according to the Ministry of Trade, Industry and Energy.

The Seoul government "is preparing to clinch the Bio Economy Partnership Agreement," the first of its kind in the world, which will call for joint efforts by like-minded nations to ensure stable supply chains in the bioindustry and to promote innovative technologies and platforms, Ahn told the meeting.

The agreement will also involve a range of rules on trade, investment and personnel exchanges, and South Korea's leading role in launching the initiative is expected to expedite the global transition to the bio-based economy and to maximize benefits for South Korean companies, he added.

The participating companies stressed the need to enhance cooperation with resource-rich nations for stable supply chains and to seek new markets, according to the ministry.


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