Trade and Economic Security Commissioner Maroš Šefčovič (pictured) and South Korean Minister for Trade Yeo Han-koo co-chaired the thirteenth EU-Republic of Korea Trade Committee, under the Free Trade Agreement (FTA).
The two sides strengthened their partnership by holding their first Strategic Dialogue on Trade, Supply Chains and Technology, while also endorsing the final text of the EU-Korea Digital Trade Agreement (DTA) to be signed at the EU-Korea Summit later this year.
During the Trade Committee meeting, both sides highlighted the FTA’s tangible benefits for businesses and citizens. Commissioner Šefčovič emphasized in particular the constantly growing trade in goods, as well as the significant level of investments. Both sides welcomed progress on the update of the Motor Vehicles and Parts Annex, an agreement to work towards a Mutual Recognition on Electronics, and a decision to set up a Working Group on Cosmetics.
At the same time, a frank discussion was held on key trade irritants and issues that European businesses, farmers and other stakeholders face when operating in Korea. Commissioner Šefčovič raised in particular areas such as market access for agricultural products, offshore wind, and the automotive sector, and restrictions on the online sales of alcoholic beverages.
With the Strategic Dialogue, the EU and Korea established a platform for forward-looking cooperation on key shared geo-economic priorities, including economic security, critical raw materials, advanced tech supply chain protection, and battery cooperation. Commissioner Šefčovič and Minister Yeo also agreed to start preparations for launching an EU-Korea Future Strategic Partnership, in time for the EU-Korea Summit to be held later this year.
Finally, both sides welcomed agreement on the final, ambitious DTA text, which reflects the EU’s commitment to setting high-standard digital trade rules, while connecting further the digital economies of the EU and Korea. The deal provides binding rules that build consumer trust and ensure predictability and legal certainty for businesses, as well as trusted data flows.
Trade and Economic Security Commissioner Maroš Šefčovič said: “The EU-Korea partnership is a success story in action: bilateral trade reached €124 billion last year, with the EU being by far the largest investor in Korea. Today’s announcements confirm that we are steadily building on this momentum. I particularly welcome our strong focus on economic security – from critical minerals to critical technologies. In today’s world, cooperation among like-minded partners is essential to ensuring stable, predictable and mutually beneficial trade. I look forward to signing the EU-Korea DTA at our summit later this year, and to our future Strategic Alliance taking shape.”
