In an increasingly unpredictable and competitive world, The European Union is looking for allies on all fronts. South Korea is one of the trusted partners that the bloc has found in the Pacific. This Wednesday, European and Korean leaders met in Brussels, exhibiting that good harmony to sign two new agreements of cooperation.
The president of the European Commission, Ursula von der Leyen has referred to the passion for K-Pop in Europewhere the group BTS fills stadiums, or Korean soccer players acclaimed in European clubs such as sign of the ties between both regions. But the summit between the EU and Korea this Wednesday had more to do with the economic and technological than with the cultural.
“We are like-minded partners”said the president of the European Council, Antonio Costaafter the meeting. “In today’s uncertain world, stable and trustworthy alliances like ours are more valuable than ever,” Von der Leyen insisted. While South Korean President Jae-myung Leehas highlighted the institutional strength of the alliance.
A new trade agreement
South Korea and the EU maintain a close trade relationship. The EU is both the third destination for Korean exports and the origin of imports. The block is also the first foreign investor in the country. A close relationship built on the basis of an agreement in force since 2011, which has served to double trade flows between both.
“The EU is the main source of foreign direct investment in Korea, but Korea is also becoming an increasingly important investor in Europe in some strategic sectors such as batteries, electric vehicles and semiconductors, to name just a few,” said a senior European source. This Wednesdaythe parties have reached a deal to also facilitate digital trade.
“The EU is our third most important trading partner, after China and the United States, and our main investment partner. This agreement will help create a more stable business environment and will further facilitate digital trade between both parties,” said Lee. “Trade flows will be streamlined through paperless commerce and electronic authentication and signaturewhich will facilitate transactions for our citizens,” he explained. Costa has described the agreement as “historic.” The Portuguese has assured that the deal will allow the economies of the EU and Korea to connect “even more”.
AI and semiconductors
South Korea is one of the main producers of semiconductors, microchips, which are fundamental in key sectors such as health, automotive or defense. Europe is behind in its development and production. Another objective of this summit was build bridges between both continents to strengthen supply chains in this area.
“Europe and Korea collaborate to shape the technologies of the future,” said Von der Leyen, ensuring that Both already collaborate “closely” in the field of artificial intelligence. “As a world leader in semiconductors, Korea is a key partner for the European Union“said the president, who has assured that both partners will “deepen” their cooperation.
Security and defense
South Korea, together with Japan, It is the only Asia-Pacific country that has signed a security agreement with the EU. In practice, this makes both maintain enhanced cooperation in matters of both conventional defense and cybersecurity or the fight against disinformation.
“In the face of growing uncertainty in the international order, security in the Indo-Pacific region and security in Europe are increasingly interconnected“Lee said. “The fact that North Korean soldiers fight alongside Russian soldiers in Ukraine serves as a strong reminder of that,” Von der Leyen added.
Lee has called on the EU to help “resolve the north korean nuclear problem and promote lasting peace on the Korean Peninsula.” The EU has called on Lee to maintain your support for Ukraine in the face of Russian aggression. Both have announced that they will negotiate now an agreement to share information and intelligence, thus strengthening their cooperation.
For now, yes, Korea will not be eligible for funding under the SAFE programme. A crowdfunding program to strengthen the Union’s defense capabilities, in which you can participate countries that have signed this type of agreement. “That does not mean that the door cannot be opened again,” said a community source.
“The environment is changing. It is becoming more challenging, more adverse,” recognized a high European source. The same source pointed to “the militarization” of supply chains, the security challenges posed by North Korea or Russia, and general uncertainty. In this contextthe EU and Korea “are analyzing risks, seeking to diversify their partnership.” Once again, the bloc presents itself as a trusted partner in the midst of chaos.
Subscribe to continue reading
