Korea and the European Union agree to establish a strategic economic partnership

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SEOUL, April 18 (WAM) – The Korean Ministry of Commerce announced that South Korea and the European Union agreed yesterday, Friday, to establish a strategic economic partnership to expand bilateral relations in the fields of trade and economic security, amid a growing state of global uncertainty.

The ministry stated that this agreement was reached during the inaugural Next Generation Strategic Dialogue between Korea and the European Union, which was held in Seoul in the presence of Korean Trade Minister Yoo Han-koo and European Union Commissioner for Trade and Economic Security Maros Sefcovic, in order to explore ways of deeper cooperation in the areas of trade, supply chains and technology.

The Korean news agency Yonhap quoted the ministry as saying that during this meeting, Korea and the European Union succeeded in developing their bilateral relations into a next-generation strategic partnership that includes economic security, supply chains, and advanced technologies, after it was a traditional partnership that focused on trade and commerce.

The ministry explained that the strategic economic partnership between Korea and the European Union will serve as a cooperation framework between the two economies, noting that the two sides will discuss the details of the new framework in the future.

During the meeting, the two sides discussed cooperation in the field of vital minerals, and agreed to enhance communication on this issue in light of the ongoing disruptions in the global supply chain.

The ministry noted that Korea and the European Union also held the 13th meeting of the Free Trade Agreement Committee on Friday and approved the final draft of the bilateral digital trade agreement, which aims to expand their cooperation in the digital economy.