South Korea and the European Union have agreed to establish a strategic economic partnership to enhance their trade and economic security cooperation amidst global uncertainties. This decision was reached during the Korea-EU next-generation strategic dialogue in Seoul, focusing on deepening collaboration in trade, supply chains, and technology.
The meeting, attended by South Korean Trade Minister Yeo Han-koo and the EU’s commissioner for trade and economic security, Maros Sefcovic, marked a shift towards a next-generation strategic partnership encompassing economic security, supply chains, and advanced technologies. Both sides will further deliberate on the specifics of this new framework in the coming days.
Discussions at the meeting included cooperation in critical minerals due to limited production infrastructure in both South Korea and the EU. They also explored expanding collaboration in semiconductor and battery sectors, with South Korea urging the EU to recognize its contributions to Europe’s battery industry. Additionally, the 13th free trade agreement committee meeting finalized a bilateral digital trade agreement to boost cooperation in the digital economy.
South Korea and the EU also addressed pending trade matters such as the EU’s steel safeguard plan and carbon tax policy during the meeting, emphasizing the importance of revising automobile-related rules under their FTA to align with technological advancements and facilitate trade. Moreover, a communication channel will be established to handle issues related to cosmetics exports.
