According to Yonhap News,

The government will invest approximately KRW 480 billion in support programs for the utilization of free trade agreements (FTAs) this year.

On February 16th, the Ministry of Trade, Industry, and Energy (MOTIE) announced that it would issue a unified public notice for the '2025 FTA Support Program,' which involves eight central government ministries and 21 related agencies.

The program will cover four main areas: promoting FTA utilization (9 projects, KRW 9.7 billion), expanding into overseas markets through FTAs (20 projects, KRW 318.9 billion), strengthening industrial competitiveness (9 projects, KRW 148.7 billion), and Korea-China FTA projects (2 projects, KRW 5.2 billion). A total of 40 projects will be open for participation.

The total value of the program amounts to KRW 482.5 billion.

An official from the Ministry stated, "We hope companies will be able to receive necessary support in the face of an uncertain environment, such as the reshaping of global supply chains and increasing import regulations in various countries. We believe companies will be able to utilize FTAs more effectively through the support programs carried out by various government departments and related agencies."

cha@yna.co.kr

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Source: Yonhap News (February 16, 2024)

** This article was translated from Korean.