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]
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]
Meetingsedit
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]
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]
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]
Tradeedit
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]
^ abRepublic of Korea, European External Action Service
^Ramon Pacheco Pardo, Linde Desmaele and Maximilian Ernst (October 2018). "Putting the EU-South Korea partnership to 'work".
^ abc"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.
^ ab"European Commission - South Korea Briefing". European Commission. Retrieved 2009-01-11.
^"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.
^"S. Korea Strives to Ink FTA With EU at Early Date". The Korea Times. 2009-01-07. Retrieved 2009-01-11.
south, korea, european, union, relations, european, union, south, korea, important, trade, partners, april, 2023, korea, third, largest, importer, excluding, european, countries, korea, secured, third, place, list, following, china, united, states, korea, thir. 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 Euro South Korean relationsEuropean Union South KoreaDiplomatic missionEuropean Union Delegation SeoulEmbassy to EU and Permanent Mission to NATO BelgiumValdis 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 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 Contents 1 Agreements 2 Meetings 2 1 List of Summits 2 1 1 2002 2 1 2 2004 2 1 3 2006 2 1 4 2009 2 1 5 2010 2 1 6 2012 2 1 7 2013 2 1 8 2015 2 1 9 2016 2 1 10 2018 2 1 11 2020 2 1 12 2021 2 1 13 2023 3 Cooperation 3 1 Horizon Europe 3 2 Science and technology 4 Trade 4 1 EU to South Korea 4 2 South Korea to EU 5 See also 6 References 7 External linksAgreements editMain 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 editEU 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 EU South Korea Summit Brussels 12 Lee Myung bak President of South Korea Herman Van Rompuy President of the European Council Jose Manuel Barroso President of the European Commission2012 edit EU South Korea Summit Brussels 13 Lee Myung bak President of South Korea Herman Van Rompuy President of the European Council Jose Manuel Barroso President of the European Commission2013 edit EU South Korea Summit Brussels 14 15 Park Geun hye President of South Korea Herman Van Rompuy President of the European Council Jose Manuel Barroso President of the European Commission2015 edit EU South Korea Summit Seoul 16 Park Geun hye President of South Korea Donald Tusk President of the European Council2016 edit EU South Korea Summit Ulaanbaatar 5 2018 edit EU South Korea Summit Brussels 17 Moon Jae in President of South Korea Charles Michel President of the European Union Ursula von der Leyen President of the European Commission2020 edit EU South Korea Summit Video 18 Moon Jae in President of South Korea Charles Michel President of the European Union Ursula von der Leyen President of the European Commission2021 edit EU South Korea Summit G7 Cornwall 5 2023 edit EU South Korea Summit Seoul 19 Yoon Suk Yeol President of South Korea Charles Michel President of the European Union Ursula von der Leyen President of the European CommissionCooperation editHorizon 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 editTrade 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 0Goods 44 1 44 2 55 5 71 9Investment stocks 50 3 65 9South Korea to EU edit 2016 2 2019 22 2020 22 2021 22 2022 22 Services 6 6 7 7 6 9 7 9Goods 41 7 45 3 51 8 60 2Investment stocks 19 2 36 0See also editForeign relations of South Korea Foreign relations of the European Union North Korea European Union relationsReferences edit a b Korea Emerges as EU s Top 3 External Importer Business Korea September 15 2023 a b c d e South Korea Trade European Commission European Commission Retrieved 2018 12 27 a b Republic of Korea European External Action Service Ramon Pacheco Pardo Linde Desmaele and Maximilian Ernst October 2018 Putting the EU South Korea partnership to work 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 Bilateral relations Korea European Commission a b European Commission South Korea Briefing European Commission Retrieved 2009 01 11 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 S Korea Strives to Ink FTA With EU at Early Date The Korea Times 2009 01 07 Retrieved 2009 01 11 Political relations EU delegation to Korea a b c d ROK EU Relations Ministry of Foreign Affairs of Republic of Korea EU signs record FTA with South Korea DW News October 6 2010 Leaders of S Korea EU at press conference Yonhap News March 28 2012 EU South Korea summit starts DW News August 11 2013 EU SOUTH KOREA EU Mornitor 6 November 2013 Korea EU to put FTA into effect by end 2015 Korea net September 16 2015 EU Republic of Korea summit 19 October 2018 European Council Council of the European Union October 19 2018 S Korea EU video summit Yonhap News June 30 2020 Full text of joint statement adopted at S Korea European Union summit Yonhap News May 22 2023 South Korea joins EU s research programme Horizon Europe Chemistry World March 27 2024 South Korea and EU to launch joint research on brain inspired semiconductors The Chosun Daily March 28 2024 a b c d e f g h South Korea European Commission External links editEU delegation to Korea Retrieved from https en wikipedia org w index php title South Korea European Union relations amp oldid 1216872957, wikipedia, wiki, book, books, library,
