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. The decision was reached during the Korea-EU next-generation strategic dialogue in Seoul, focusing on deepening collaboration in trade, supply chains, and technology. South Korean Trade Minister Yeo Han-koo and the EU’s commissioner for trade and economic security, Maros Sefcovic, participated in the meeting.
“Through this meeting, South Korea and the EU successfully evolved their bilateral relations into a next-generation strategic partnership incorporating economic security, supply chains, and advanced technologies from a traditional partnership centered on trade and commerce,” Yeo stated in a press release. The newly formed Korea-EU strategic economic partnership aims to establish a cooperation framework between the two economies, with further discussions on the specifics of this framework planned for the future.
During the dialogue, Yeo and Sefcovic explored collaboration in critical minerals, considering the limited mineral production infrastructure in both South Korea and the EU. They also agreed to enhance communication on this issue to address ongoing global supply chain disruptions. Additionally, discussions included expanding cooperation in the semiconductor and battery sectors, with Yeo urging the EU to recognize South Korean companies’ contributions to Europe’s battery industry and advocating for the legislation of South Korea’s Industrial Accelerator Act.
The 13th free trade agreement (FTA) committee meeting between South Korea and the EU took place during the session, where they finalized a draft of a bilateral digital trade agreement to boost cooperation in the digital economy. Both parties also agreed to update automobile-related regulations under their FTA to align with technological advancements and promote trade in this sector. Furthermore, they decided to establish a communication channel to address issues concerning cosmetics exports and deliberated on other trade matters, including the EU’s steel safeguard plan and carbon tax policy.
