By Diplomacy Journal Lee Jon-young  | President Yoon Suk-yeol met with Tanzanian President Samia Suluhu Hassan on June 2 to announce the start of negotiations on the Economic Partnership Agreement (EPA) and discuss strengthening cooperation on key mineral resources.

President Yoon held a luncheon meeting with President Hassan, who is visiting South Korea for the Korea-Africa Summit, at the Yongsan Presidential Office later in the day. It has been 18 years since former President Jakaya Kikwete visited Korea in 2006.

“Today, I am pleased to announce the start of negotiations on an Economic Partnership Agreement (EPA) with Tanzania, the first African country to do so,” said President Yoon. “I hope that the agreement will be signed soon and contribute to diversifying trade items and increasing trade volume between our two countries.”

“Korean companies have been involved in the construction of major infrastructure such as bridges and railroads in Tanzania and have made great achievements,” he said, suggesting that Korea continue to strengthen cooperation in the infrastructure sector.

President Hassan thanked the Korean delegation for the welcome, noting that Korea's “K-pop,” “K-food,” and “K-dramas” have made her “deeply aware of K-hospitality.

“I hope we will continue to work closely together to promote bilateral trade and investment,” Hassan said of the start of the EPA negotiations. “We look forward to more Korean companies participating in development projects to help Tanzania develop its economy and improve the living conditions of its people,” she said, referring to the signing of the framework agreement between the two countries for a $2.5 billion Economic Development Cooperation Fund (EDCF) for 2024-2028.

The two leaders agreed on the need to strengthen bilateral cooperation to ensure the stable supply of key mineral resources in the era of the Fourth Industrial Revolution. Tanzania is endowed with key minerals such as lithium, cobalt, and nickel.

The two leaders agreed to expand cooperation on key minerals through a memorandum of understanding (MOU) on the supply chain of key minerals, and to strengthen cooperation in the field of marine and fisheries through an MOU on blue economy cooperation.

The two leaders also agreed to work closely together on the international stage. South Korea is a non-permanent member of the United Nations Security Council (Security Council) for the 2024-2025 term.

The two leaders agreed, among other things, that “North Korea's nuclear and missile development is a violation of Security Council resolutions, and the international community must fully implement Security Council sanctions against North Korea.”