Ukrainian Economy Minister Bohdan Danylyshyn and Vice Minister of Foreign Affairs and Trade of the Republic of Korea Ahn Ho-young, during the fourth meeting of the Ukrainian-Korean joint committee on trade, signed an agreement (in the form of an exchange of letters) between the Ukrainian government and the government of the Republic of Korea on the introduction of amendments to a commercial agreement of November 30, 1995, on the transformation of the committee into the Ukrainian-Korean inter-governmental commission on trade and economic cooperation.
Bohdan Danylyshyn praised the high pace of growth in bilateral trade, which, according to forecasts, could reach USD 2.5 billion this year, UKRINFORM reported, with reference to the press service of the Economy Ministry.
The trade amounted to USD 1.76 billion in January-August 2008, which 1.7 times up year-over-year. Exports quadrupled to USD 200.1 million, while imports grew by 1.6 times to USD 1.465 billion.
The Ukrainian economy minister said that Ukraine and the Republic of Korea have great potential in cooperation, particularly in such sectors as metallurgy, aircraft engineering, science and technology, and agriculture.
Bohdan Danylyshyn said that investment should become one of major directions of cooperation with Korea, especially as part of preparations for hosting the finals of the Euro 2012 European Football Championship.
"It would be extremely useful for Ukraine to learn the Korean experience in holding such large-scale sports events as the 1988 Olympics in Seoul and the 2002 World Football Cup," he said.
The first joint meeting of the Ukrainian-Korean inter-governmental commission on trade and economic cooperation is to take place in Seoul in 2009.
