South Korea–European Union relations

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Euro–South Korean relations
Map indicating locations of European Union and South Korea

European Union
South Korea
Diplomatic mission
European Union Delegation, SeoulEmbassy to EU and Permanent Mission to NATO, Belgium
Valdis Dombrovskis, Executive Vice-President of the European Commission, meets with Korea University President Kim Dong-one at the university in Seoul in 2023.
The Fourth Summit Meeting between the South Korea and the European Union.
President Lee Myung-bak and the Belgian Prime Minister Yves Leterme in Brussels.
Choo Kyung-ho, Deputy Prime Minister and Finance Minister of South Korea, and Valdis Dombrovskis, Executive Vice President of the European Commission for An Economy that Works for People at the government complex in Seoul, November, 2023.
Valdis Dombrovskis meets with So Byung-Hoon, chairperson of Agriculture, Food, Rural ffairs, Oceans and Fisheries Committee of South Korean National Assembly, at National Assembly in Seoul, November 1, 2023.
Valdis Dombrovskis, and South Korea's Trade Minister Ahn Duk-geun at Korea-EU Digital Trade Agreement Negotiation Launch in Seoul, October 31, 2023.

The European Union (EU) and South Korea are important trade partners: As of April 2023, Korea is the EU's third-largest importer. Excluding European countries, Korea has secured the third place on the list, following China and the United States.[1] And the EU is Korea's third largest export destination.[2] The two have signed a free trade agreement which came into effect at end of 2011.[3] Furthermore, South Korea is the only country in the world with the three agreements covering economics, politics and security in effect as of 2020.[4]

In 2022, South Korea's investment in the EU is $110.4 billion and the EU's investment in Korea is $116.8 billion, and they are actively interacting with each other.[5]

Agreements[edit]

Main article: European Union–South Korea Free Trade Agreement

The first EU–South Korea agreement was Agreement on Co-operation and Mutual Administrative Assistance in Customs Matters (signed on 13 May 1997).[6] This agreement allows the sharing of competition policy between the two parties.[7] The second agreement, the Framework Agreement on Trade and Co-operation (enacted on 1 April 2001). The framework attempts to increase co-operation on several industries, including transport, energy, science and technology, industry, environment and culture.[7][8]

Following extended negotiations,[9] the EU and Korea in 2010 signed a new framework agreement and a free trade agreement (FTA) which was the EU's first FTA with an Asian country and removes virtually all tariffs and many non-tariff barriers. On the basis of this, the EU and Korea decided in October 2010 to upgrade their relationship to a Strategic Partnership. These agreements came into force in 2011.[2][3]

Meetings[edit]

EU-Korea summits have taken place in 2002 (Copenhagen), 2004 (Hanoi) and 2006 (Helsinki) on the sidelines of ASEM meetings. In 2009, the first standalone bilateral meeting was held in Seoul. The European Parliament delegation for relations with Korea visits the country twice a year for discussions with their Korean counterparts. Meetings at foreign minister level take place at least once a year on the sidelines of ASEAN regional form meetings, however meetings between the Korean foreign minister and the EU High Representative have occurred more frequently, for example at G20 meetings. Ad hoc meetings between officials occur nearly monthly.[10]

List of Summits[edit]

2002[edit]

  • EU-South Korea Summit (Copenhagen)[11]

2004[edit]

  • EU-South Korea Summit (Hanoi)[11]

2006[edit]

  • EU-South Korea Summit (Helsinki)[11]

2009[edit]

  • EU-South Korea Summit (Seoul)[11]

2010[edit]

2012[edit]

2013[edit]

2015[edit]

2016[edit]

  • EU-South Korea Summit (Ulaanbaatar)[5]

2018[edit]

2020[edit]

2021[edit]

  • EU-South Korea Summit (G7, Cornwall)[5]

2023[edit]

Cooperation[edit]

Horizon Europe[edit]

Two years after South Korea officially expressed its intention to join Horizon Europe in 2022, South Korea and the European Union signed a Horizon Europe agreement, which is expected to allow Korea to participate in that from 2025.[20]

Science and technology[edit]

See also: Science and technology in South Korea and Science and technology in Europe

South Korea and EU held the '2nd Korea-EU Digital Partnership Council' in March 2024, where they decided to invest a total of 12 million euros (16.2 billion won) over the next three years from 2024 to start cooperation in semiconductors, 6G, and cybersecurity.[21]

Trade[edit]

Trade in goods between the two parties was about €100 billion in 2017. The EU is the third largest importer of South Korean goods, while South Korea is the ninth largest importer of EU goods.[2]

As of April 2023, Korea is the EU's third-largest importer. Excluding European countries, Korea has secured the third place on the list, following China and the United States.[1]

EU to South Korea[edit]

(billion, €)

2016[2] 2019[22] 2020[22] 2021[22] 2022[22]
Services €12.6 €4.6 €3.2 €3.0
Goods €44.1 €44.2 €55.5 €71.9
Investment stocks €50.3 €65.9

South Korea to EU[edit]

2016[2] 2019[22] 2020[22] 2021[22] 2022[22]
Services €6.6 €7.7 €6.9 €7.9
Goods €41.7 €45.3 €51.8 €60.2
Investment stocks €19.2 €36.0

See also[edit]

References[edit]

  1. ^ a b "Korea Emerges as EU's 'Top 3 External Importer'". Business Korea. September 15, 2023.
  2. ^ a b c d e "South Korea - Trade - European Commission". European Commission. Retrieved 2018-12-27.
  3. ^ a b Republic of Korea, European External Action Service
  4. ^ Ramon Pacheco Pardo, Linde Desmaele and Maximilian Ernst (October 2018). "Putting the EU-South Korea partnership to 'work".
  5. ^ a b c "Korea - EU". Embassy of the Republic of Korea to the Kingdom of Belgium and the European Union and Permanent Mission to the North Atlantic Treaty Organization.
  6. ^ Bilateral relations Korea, European Commission
  7. ^ a b "European Commission - South Korea Briefing". European Commission. Retrieved 2009-01-11.
  8. ^ "FRAMEWORK AGREEMENT for Trade and Cooperation between the European Community and its Member States, on the one hand, and the Republic of Korea, on the other hand" (PDF). European Commission. 2001-03-30. Retrieved 2009-01-13.
  9. ^ "S. Korea Strives to Ink FTA With EU at Early Date". The Korea Times. 2009-01-07. Retrieved 2009-01-11.
  10. ^ Political relations, EU delegation to Korea
  11. ^ a b c d "ROK-EU Relations". Ministry of Foreign Affairs of Republic of Korea.
  12. ^ "EU signs record FTA with South Korea". DW News. October 6, 2010.
  13. ^ "Leaders of S. Korea, EU at press conference". Yonhap News. March 28, 2012.
  14. ^ "EU, South Korea summit starts". DW News. August 11, 2013.
  15. ^ "EU-SOUTH KOREA". EU Mornitor. 6 November 2013.
  16. ^ "Korea, EU to put FTA into effect by end 2015". Korea.net. September 16, 2015.
  17. ^ "EU-Republic of Korea summit, 19 October 2018". European Council, Council of the European Union. October 19, 2018.
  18. ^ "S. Korea-EU video summit". Yonhap News. June 30, 2020.
  19. ^ "Full text of joint statement adopted at S. Korea-European Union summit". Yonhap News. May 22, 2023.
  20. ^ "South Korea joins EU's research programme Horizon Europe". Chemistry World. March 27, 2024.
  21. ^ "South Korea and EU to launch joint research on brain-inspired semiconductors". The Chosun Daily. March 28, 2024.
  22. ^ a b c d e f g h "South Korea". European Commission.

External links[edit]

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