1. On March 1, 2025, the “Agreement between the Government of the Republic of Korea and the Government of Montenegro on Economic Cooperation” will come into effect.

※ (Economic Cooperation Agreement) A type of agreement that provides the institutional basis to promote economic cooperation by stipulating the most basic modalities of economic cooperation including the areas and methods thereof

2. The entry into force of this agreement will provide the legal basis for Korea and Montenegro to enhance substantive cooperation in areas of mutual interest such as industry, energy, tourism, and investment promotion.

3. The two countries will establish a joint committee to explore ways to promote economic cooperation in order to ensure the effective implementation of this agreement. The entry into force of the agreement will facilitate activities to support Korean enterprises seeking to enter the Montenegro market, such as participation in exhibitions and fairs and the organization of business symposiums and conferences. This is, in turn, expected to help relieve the trade imbalance between the two countries.

※ Korea-Montenegro Trade Volume (2024)

: Korea's export to Montenegro amounted to USD 10.35 million (cars, car parts, etc.). / Korea's import from Montenegro amounted to USD 94.82 million (minerals such as copper and lead, etc.).

4. With the entry into force of the Korea-Montenegro Economic Cooperation Agreement, Korea now has a total of 99 economic cooperation agreements. The government will continue to pursue the conclusion of economic cooperation agreements with other countries to expand people-to-people exchanges and trade and further develop economic ties with them.