South Korea and the European Union agreed on Friday to establish a strategic economic partnership to strengthen bilateral relations in trade and economic security, according to Seoul’s trade ministry.
The agreement was reached during the first Korea–EU next-generation strategic dialogue held in Seoul, to enhance cooperation in areas such as trade, supply chains, and technology. The meeting was attended by South Korea’s Trade Minister Yeo Han-koo and the EU’s Commissioner for Trade and Economic Security, Maros Sefcovic.
South Korea’s Ministry of Trade, Industry and Resources stated that the partnership will function as a cooperative framework between the two economies, adding that both sides will work out the specific details of the arrangement in future discussions.
“Through this meeting, Korea and the EU successfully evolved their bilateral relations into a next-generation strategic partnership incorporating economic security, supply chains, and advanced technologies from a traditional partnership centered on trade and commerce,” Yeo said.
Yeo and Šefčovič discussed strengthening cooperation in critical minerals, noting that both Korea and the EU have limited domestic production capacity and agreed to enhance communication amid ongoing global supply chain challenges.
They also explored broader collaboration in the semiconductor and battery industries, with Yeo urging the EU to acknowledge the role Korean companies have played in advancing Europe’s battery sector as it moves forward with its proposed Industrial Accelerator Act.
Korea and the EU also convened their 13th free trade agreement (FTA) committee meeting, where they finalized a draft bilateral digital trade agreement designed to deepen cooperation in the digital economy.
They further agreed to update automobile-related provisions under the FTA to reflect technological progress and encourage trade in the sector, while establishing a communication channel to address issues tied to cosmetics exports.
The meeting also covered other trade issues, including the EU’s steel safeguard measures and carbon tax policy.
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