Brussels, 07/09/2015 (Agence Europe) - The agenda of the 8th EU-South Korea summit in Seoul on 15 September will focus on implementation of the bilateral free trade agreement (which entered into force in 2011) and the international negotiations on the climate (ahead of COP21 in Paris in December).
The EU will be represented in meetings with South Korea's President Park Geun-Hye by European Council President Donald Tusk and by European Commissioner for Trade Cecilia Malmström.
An initial working session will focus on bilateral relations, especially implementation of the free trade agreement which entered into force in July 2011. The last annual report on this, published in March, describes a 35% hike in EU exports in three years, while South Korean exports have remained relatively stable (despite experiencing a 6% rise between 2013 and 2014 - see EUROPE 11283).
Overall, according to the latest data from the Commission, the EU recorded a surplus in its trade in goods with South Korea in 2014 (€43.1 billion in exports for the EU and €39 billion in exports for South Korea). It is also expected to record a surplus in its balance of services in 2015 (€9.7 billion in exports for the EU, €4.7 billion in exports for South Korea). As concerns investments, the balance for foreign direct investment (FDI) stocks abroad remained positive for the EU with regard to South Korea in 2013, reaching €13.6 billion (€32.6 billion in outgoing FDI from the EU to South Korea, €8.9 billion in FDI entering the EU from South Korea).
During the summit in Seoul, a second working session will be dedicated to regional issues and global challenges such as climate change and the fight against terrorism.
Since 2010, the bilateral relationship has been raised to the level of strategic partnership. Alongside the free trade agreement, bilateral relations are governed, on the political level, by the 2010 framework agreement that covers a wide range of international issues, including the non-proliferation of weapons of mass destruction, human rights, cooperation in the fight against terrorism, climate change, energy security, and development aid. This agreement is in the process of ratification in the EU member states. In the meantime, the previous 2001 framework agreement continues to govern relations. (Emmanuel Hagry)