Ursula von der Leyen, President of the European Commission, António Costa, President of the European Council, and Lee Jae-Myung, South Korea’s President, met on Wednesday 10 June at the 11th European Union - Republic of Korea Summit, which resulted in several major strategic agreements being sealed.
Digital Trade Agreement. The landmark outcome of the summit was the signing of a Digital Trade Agreement (DTA). This text, designed to complement the 2011 free trade agreement, aims to establish strict rules of trust in response to tensions in the global economy. It introduces legal recognition of electronic contracts and signatures, facilitates cross-border data flows and prohibits the mandatory transfer of source codes, while maintaining “high levels of protection for personal data and privacy”, according to a statement published the same day.
Digital trade represents a colossal stake: in 2023, it already amounted to €11 billion between the two powers. Furthermore, the EU has initiated internal procedures to launch negotiations on a mutual recognition agreement to remove double certification of products.
“With this agreement, we will unlock new markets, contribute to legal certainty for businesses and a safer online environment for consumers”, Maroš Šefčovič, Commissioner for Trade, welcomed.
Security and Defence. Faced with the growing number of global conflicts, the leaders stressed the interconnection between European security and that of the Indo-Pacific region. They reaffirmed their support for Ukraine and shared their deep concerns regarding tensions in the Middle East as well as North Korea’s nuclear programmes.
To respond to these threats, the bilateral Security and Defence Partnership will be expanded to cover cyber threats, disinformation and maritime security. The EU and South Korea are also preparing an agreement on the security of information, in order to facilitate the exchange of classified data.
Lastly, the signing of an agreement in principle on Passenger Name Record (PNR) data will make it possible to combat transnational crime more effectively – particularly drug trafficking, which is experiencing unprecedented growth in South Korea.
Energy, research and innovation. In the environmental and scientific field, the summit marked the official launch of a ‘High-Level Energy Dialogue’. This new forum will enable the two powers to coordinate their efforts more closely on energy security and economic resilience, and to accelerate their shared transition to clean energy.
In research, the leaders welcomed the launch of the first joint projects stemming from South Korea’s association with the Horizon Europe programme (see EUROPE 13683/33).
Lastly, a specific initiative was endorsed to support the technology ecosystem: through the European Innovation Council (EIC), the two partners committed to joining forces to help high-tech start-ups (deep-tech) develop internationally.
Competitiveness. Europeans and South Koreans agreed to launch a new competitiveness partnership in order to strengthen their cooperation on key policies. According to a statement, this partnership will strengthen their commitment on strategic issues such as trade, investment, supply chains, digital, cutting-edge technologies, energy and innovation.
To advance this agenda, a high-level economic dialogue will be established. It will build on existing bodies such as the EU-South Korea Trade Committee, the EU-South Korea Strategic Dialogue on Economic Security and Emerging Trade Issues, and the EU-South Korea Dialogue on Industrial Policy.
To see the joint EU-South Korea statement: https://aeur.eu/f/maf (Original version in French by Justine Manaud with Solenn Paulic)