South Korea and Germany join hands on maritime transport

The Korean Ministry of Land, Transport and Maritime Affairs (MLTM, Minister Kwon Do Youp) announced that the agreement on maritime transport between Korea and Germany concluded at the International Transport Forum (ITF) 2012.

Mr. Kwon and Mr. Peter Ramsauer, Minister of the Federal Ministry of Transport, Building and Urban Affairs in Germany (abbreviation in German ‘BMVBS’) signed on the contract on May 3 in Leipzig, Germany.

Initially the agreement was forced in December 1970. But the maritime situation of both countries has changed, for that the agreement should be supplemented to adapt to the new reality. Before this contract, the agreement was provisionally signed on March 2010 and was just completed this year.

The agreement contains provisions on market access and provides for cooperation on maritime affairs. It has become the key component for the existing strong relations in the maritime field between Korea and Germany.

A representative of MLTM stated, “The contract will further develop the economic improvement for the advantage of trade in general and the quality of maritime transport of both nations,” and “Furthermore, I’m glad to mention that our maritime cooperation in shipping finance and the technology sector will also been strengthened on the basis of this agreement.” < 김보람 기자 brkim@ksg.co.kr >