South Korea and Serbia have officially begun negotiations toward an economic partnership agreement. 

The trade ministry said Thursday that Trade Minister Cheong In-kyo and his Serbian counterpart, Tomislav Momirović, were launching official talks in Seoul for the bilateral trade deal. 

Serbia, rich in important resources such as lithium and zinc, is the first of Europe’s Balkan countries with which South Korea is pursuing such an agreement.

Cheong said 2024 is a meaningful year for the two nations, marking the 35th anniversary of the establishment of diplomatic ties, and expressed hope that the envisioned pact will open up a new era for bilateral cooperation. 

He also said he hopes the two nations will expand cooperation in various fields such as automobiles, advanced technology, renewable energy and nuclear power. 

An economic partnership agreement is less intensive than a free trade agreement, but includes similar market-opening elements such as the elimination of tariffs.