Seoul: South Korea and the European Union have agreed to establish a strategic economic partnership aimed at strengthening bilateral ties in trade and economic security amidst global uncertainties, as announced by Seoul's trade ministry.
According to Emirates News Agency, the agreement was reached during the inaugural Korea-EU next-generation strategic dialogue held in Seoul. This dialogue was designed to facilitate deeper cooperation in trade, supply chains, and technology. The event was attended by South Korean Trade Minister Yeo Han-koo and the EU's commissioner for trade and economic security, Maros Sefcovic, as reported by the Korea Herald.
The Ministry of Trade, Industry and Resources indicated that the Korea-EU strategic economic partnership will act as a framework for cooperation between the two economies. The specifics of this framework are set to be discussed further in future meetings.
The dialogue also focused on cooperation in critical minerals, a significant topic given the limited mineral production infrastructure in both Korea and the EU. The parties agreed to enhance communications on this issue, particularly in light of ongoing global supply chain disruptions.
Additionally, the ministry noted that South Korea and the EU convened their 13th free trade agreement committee meeting, during which they confirmed the final draft of a bilateral digital trade agreement. This agreement is intended to broaden their collaboration in the digital economy.