Elevating the strategic partnership

The recent European Union (EU)-South Korea summit in Seoul demonstrates that this strategic relationship is being elevated to a new level.

South Korean President Yoon Suk Yeol, European Commission President Ursula von der Leyen, and European Council President Charles Michel met in Seoul on May 22. (Source: YONHAP)

Despite being thousands of kilometers apart, the EU and South Korea are quite closely connected. Evidence of this is that while the EU has only recently signed free trade agreements (FTAs) with Asian countries such as Japan (February 2019), Singapore (November 2019), and Vietnam (August 2020), the FTA between the EU and South Korea was signed in 2010.

For the EU, South Korea is a market for many important export items such as raw materials, parts, equipment, agricultural products, household goods, and luxury goods. The world's leading chip powerhouse is also the factor that saved the EU from the serious semiconductor shortage that had hampered European companies in many sectors, from automotive manufacturing to broadband provision.

Meanwhile, South Korea's key products such as automobiles, batteries, and chemicals have long held a competitive edge over many of its trading rivals thanks to preferential treatment under its FTA with the EU. Also, thanks to "blockbuster" arms deals, such as the $5.8 billion deal with Poland, South Korea is aiming to become one of the world's top four arms suppliers, alongside the US, Russia, and France.

Therefore, it is no surprise that this Seoul Summit achieved many commitments. Both sides agreed to launch a green partnership, strengthening cooperation in responding to climate change, protecting the environment, green transition, and digitalization. These are important directions that can help address the challenges both sides are facing, such as the risk of recession and trade deficits for South Korea, or the potential for the EU to fall behind in chip manufacturing.

Although they don't call each other allies, some aspects of the EU-South Korea Strategic Partnership actually already have that character.

Source: https://baoquocte.vn/eu-han-quoc-nang-tam-doi-tac-chien-luoc-228450.html