1. The Ministry of Foreign Affairs held the 5th meeting of the Republic of Korea-Republic of Belarus joint committee on economy, science and technology at the Ministry, Seoul, on September 4. In the meeting, the two sides discussed ways to step up cooperation in the full range of economy-related sectors, including trade and investment; science, technology, and information and communications technology (ICT); and transportation and infrastructure; as well as at the multilateral level.

° The head delegates from the ROK and Belarus to the meeting were Deputy Minister for Economic Affairs of the Ministry of Foreign Affairs Yun Kang-hyeon and Deputy Minister of Foreign Affairs Andrei Dapkiunas, respectively.

2. The two sides drew a common understanding that the two countries, which share multiple similarities, such as export-oriented industrial structures, competitiveness in science, technology and ICT, and outstanding human resources, have a great potential for cooperation. On that note, they agreed to put into high gear cooperative channels in order to fulfill that potential.

° Deputy Minister Yun, forecasting an increase in bilateral trade and investment on the back of the economic recovery of Belarus, suggested that the two countries boost exchanges between their enterprises and private business groups in an effort to expand the trade and investment volumes between the two countries.

- The Deputy Minister also voiced hope to seek opportunities for economic cooperation under an FTA with the Eurasian Economic Union (EAEU), a massive market bloc with a 180-million population, and the members of which include Belarus.

° Deputy Minister Dapkiunas, bringing attention to Belarus’ ongoing policy designed to diversify its trade partners beyond Russia and European countries to include Asian nations, as well as the country’s vigorous efforts to improve its investment environment for foreign investors, expressed hope that Korean companies will expand their investment in Belarus by taking advantage of the country as a gateway to the EAEU and the European market.

3. The two sides welcomed the growing bilateral cooperation on science and technology facilitated  by the joint committee and forum in the field, as well as the tangible progress in the bilateral ICT cooperation since the founding of the ROK-Belarus IT Cooperation Center (ITCC) in Minsk in March 2017. They agreed to faithfully implement joint cooperation projects that the two countries are conducting in 2018, including the development of educational contents on e-trade; and the project for building information-security capacity.

° In addition, the two sides took note of ongoing robust cooperation pursuant to the memorandum of understanding (MOU) on the e-government system concluded in April 2017, including  the invitation of e-government-related officials to educational programs and the dispatch of relevant instructors between the two countries. On that note, they agreed to explore the possibility of starting cooperation in such areas as the e-procurement system.

4. The two sides agreed to seek a bilateral MOU for cooperation on infrastructure and transportation in a bid to work more closely together in these sectors, including by constructing highways and other forms of infrastructure, and setting up an intelligent transport system (ITS). They also agreed to further step up their ongoing cooperation in such areas as tourism, education, culture and environment.

5. The two sides agreed to make efforts to expedite the conclusion of a customs mutual assistance agreement; a protocol amending the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income; and an MOU for cooperation on education, which the two countries are currently consulting on in a bid to reinforce the foundation for substantive bilateral cooperation.

6. The 5th meeting of the ROK-Belarus joint committee on economy, science and technology, which came two years after the fourth of its kind in 2016, served as an opportunity to review the progress in cooperation and to explore opportunities for future cooperation. The two sides agreed to hold the next meeting of the joint committee in Minsk at a mutually convenient time.

* unofficial translation