EU and South Korea strengthen strategic partnership

The European Union and the Republic of Korea held their 11th bilateral Summit in Brussels, where both sides agreed to strengthen their strategic partnership through new initiatives in economic, trade, technological, energy and security cooperation.

One of the Summit’s key outcomes was the launch of a new Competitiveness Partnership aimed at enhancing cooperation in strategic areas such as trade, investment, supply chains, digitalisation, advanced technologies, energy and innovation. To support this initiative, both sides agreed to establish a High-Level Economic Dialogue that will deepen cooperation on economic security, trade policy and industrial policy.

The Summit also saw the signing of a Digital Trade Agreement, which will facilitate digital transactions between the two economies and provide greater predictability for business operations, while maintaining a shared commitment to open, competitive and fair digital economies.

The leaders also highlighted the strong cooperation achieved under the existing trade agreement and the progress made on trade and sustainable development issues. The European Union further noted opportunities to expand cooperation through the future negotiation of a Mutual Recognition Agreement (MRA) on conformity assessments, certificates and markings, a mechanism designed to eliminate duplicate testing and certification requirements for businesses on both sides.

In the agri-food sector, the EU and the Republic of Korea committed to continuing efforts to improve market access for agri-food products in their respective markets. This commitment includes products such as beef, poultry and pork from the European Union.

The Summit also advanced cooperation in energy, research and innovation, as well as security and defence, further consolidating the strategic relationship between the two partners and expanding areas of collaboration for the years ahead.