The EU and South Korea have agreed to deepen cooperation on trade, supply chains and technology after talks in Brussels.
European Commissioner for Trade and Economic Security Maroš Šefčovič and South Korean Trade Minister Yeo Han-koo co-chaired the 13th EU–Republic of Korea Trade Committee under the two sides’ Free Trade Agreement, the European Commission announced on Friday.
They also held the first Strategic Dialogue on Trade, Supply Chains and Technology, and endorsed the final text of an EU–Korea Digital Trade Agreement that is due to be signed at an EU–Korea summit later this year.
The Commission said the meeting reviewed the benefits of the existing free trade deal and discussed trade issues faced by European businesses and farmers operating in South Korea.
Šefčovič raised concerns including market access for agricultural products, offshore wind, the automotive sector and restrictions on online sales of alcoholic beverages.
Digital trade deal and supply chain talks
The Commission said both sides welcomed progress on updating an annex covering motor vehicles and parts, and agreed to work towards mutual recognition on electronics — a process where each side accepts certain product assessments carried out by the other.
They also decided to set up a working group on cosmetics.
Under the new Strategic Dialogue, the EU and South Korea established a platform for cooperation on economic security, critical raw materials, protecting supply chains for advanced technologies, and battery cooperation.
The two sides also agreed to start preparing an EU–Korea Future Strategic Partnership in time for the summit later this year.
Bilateral trade in goods and services reached €124 billion last year, and the EU was the largest investor in South Korea, Šefčovič said.
