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South Korea–European Union relations

From Wikipedia, the free encyclopedia

Euro–South Korean relations
Map indicating locations of European Union and South Korea

European Union

South Korea
Diplomatic mission
European Union Delegation, SeoulEmbassy to EU and Permanent Mission to NATO, Belgium
Valdis Dombrovskis, Executive Vice-President of the European Commission, meets with Korea University President Kim Dong-one at the university in Seoul in 2023.
The Fourth Summit Meeting between the South Korea and the European Union.
President Lee Myung-bak and the Belgian Prime Minister Yves Leterme in Brussels.
Choo Kyung-ho, Deputy Prime Minister and Finance Minister of South Korea, and Valdis Dombrovskis, Executive Vice President of the European Commission for An Economy that Works for People at the government complex in Seoul, November, 2023.
Valdis Dombrovskis meets with So Byung-Hoon, chairperson of Agriculture, Food, Rural ffairs, Oceans and Fisheries Committee of South Korean National Assembly, at National Assembly in Seoul, November 1, 2023.
Valdis Dombrovskis, and South Korea's Trade Minister Ahn Duk-geun at Korea-EU Digital Trade Agreement Negotiation Launch in Seoul, October 31, 2023.

The European Union (EU) and South Korea are important trade partners: As of April 2023, Korea is the EU's third-largest importer. Excluding European countries, Korea has secured the third place on the list, following China and the United States.[1] And the EU is Korea's third largest export destination.[2] The two have signed a free trade agreement which came into effect at end of 2011.[3] Furthermore, South Korea is the only country in the world with the three agreements covering economics, politics and security in effect as of 2020.[4]

In 2022, South Korea's investment in the EU is $110.4 billion and the EU's investment in Korea is $116.8 billion, and they are actively interacting with each other.[5]

YouTube Encyclopedic

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  • The European Union Explained*
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Transcription

Where, is the European Union? Obviously here somewhere, but much like the the European continent itself, which has an unclear boundary, the European Union also has some fuzzy edges to it. To start, the official members of the European Union are, in decreasing order of population: * Germany * France * The United Kingdom * Italy * Spain * Poland * Romania * The Kingdom of the Netherlands * Greece * Belgium * Portugal * The Czech Republic * Hungary * Sweden * Austria * Bulgaria * Denmark * Slovakia * Finland * Ireland * Croatia * Lithuania * Latvia * Slovenia * Estonia * Cyprus * Luxembourg * Malta The edges of the EU will probably continue to expand further out as there are other countries in various stages of trying to become a member. How exactly the European Union works is hideously complicated and a story for another time, but for this video you need know only three things: 1. Countries pay membership dues and 2. Vote on laws they all must follow and 3. Citizens of member countries are automatically European Union citizens as well This last means that if you're a citizen of any of these countries you are free to live and work or retire in any of the others. Which is nice especially if you think your country is too big or too small or too hot or too cold. The European Union gives you options. By the way, did you notice how all three of these statements have asterisks attached to this unhelpful footnote? Well, get used to it: Europe loves asterisks that add exceptions to complicated agreements. These three, for example, point us toward the first bit of border fuzziness with Norway, Iceland and little Liechtenstein. None of which are in the European Union but if you're a EU citizen you can live in these countries and Norwegians, Icelanders, or Liechtensteiner(in)s can can live in yours. Why? In exchange for the freedom of movement of people they have to pay membership fees to the European Union -- even though they aren't a part of it and thus don't get a say its laws that they still have to follow. This arrangement is the European Economic Area and it sounds like a terrible deal, were it not for that asterisk which grants EEA but not EU members a pass on some areas of law notably farming and fishing -- something a country like Iceland might care quite a lot about running their own way. Between the European Union and the European Economic Area the continent looks mostly covered, with the notable exception of Switzerland who remains neutral and fiercely independent, except for her participation in the Schengen Area. If you're from a country that keeps her borders extremely clean and / or well-patrolled, the Schengen Area is a bit mind-blowing because it's an agreement between countries to take a 'meh' approach to borders. In the Schengen Area international boundaries look like this: no border officers or passport checks of any kind. You can walk from Lisbon to Tallinn without identification or need to answer the question: "business or pleasure?". For Switzerland being part of Schengen but not part of the European Union means that non-swiss can check in any time they like, but they can never stay. This koombaya approach to borders isn't appreciated by everyone in the EU: most loudly, the United Kingdom and Ireland who argue that islands are different. Thus to get onto these fair isles, you'll need a passport and a good reason. Britannia's reluctance to get fully involved with the EU brings us to the next topic: money. The European Union has its own fancy currency, the Euro used by the majority, but not all of the European Union members. This economic union is called the Eurozone and to join a country must first reach certain financial goals -- and lying about reaching those goals is certainly not something anyone would do. Most of the non-Eurozone members when they meet the goals, will ditch their local currency in favor of the Euro but three of them Denmark, Sweden and, of course, the United Kingdom, have asterisks attracted to the Euro sections of the treaty giving them a permanent out-out. And weirdly, four tiny European countries Andorra, San Marino, Monaco & Vatican City have an asterisk giving them the reverse: the right print and use Euros as their money, despite not being in the European Union at all. So that's the big picture: there's the EU, which makes all the rules, the Eurozone inside it with a common currency, the European Economic Area outside of it where people can move freely and the selective Schengen, for countries who think borders just aren't worth the hassle. As you can see, there's some strange overlaps with these borders, but we're not done talking about complications by a long shot one again, because empire. So Portugal and Spain have islands from their colonial days that they've never parted with: these are the Madeira and Canary Islands are off the coast of Africa and the Azores well into the Atlantic. Because these islands are Spanish and Portuguese they're part of the European Union as well. Adding a few islands to the EU's borders isn't a big deal until you consider France: the queen of not-letting go. She still holds onto a bunch of islands in the Caribbean, Reunion off the coast of Madagascar and French Guiana in South America. As far as France is concerned, these are France too, which single handedly extends the edge-to-edge distance of the European Union across a third of Earth's circumference. Collectively, these bits of France, Spain and Portugal are called the Outermost Regions -- and they're the result of the simple answer to empire: just keep it. On the other hand, there's the United Kingdom, the master of maintaining complicated relationships with her quasi-former lands -- and she's by no means alone in this on such an empire-happy continent. The Netherlands and Denmark and France (again) all have what the European Union calls Overseas Territories: they're not part of the European Union, instead they're a bottomless well of asterisks due to their complicated relationships with both with the European Union and their associated countries which makes it hard to say anything meaningful about them as a group but... in general European Union law doesn't apply to these places, though in general the people who live there are European Union citizens because in general they have the citizenship of their associated country, so in general they can live anywhere in the EU they want but in general other European Union citizens can't freely move to these territories. Which makes these places a weird, semipermeable membrane of the European Union proper and the final part we're going to talk about in detail even though there are still many, more one-off asterisks you might stumble upon, such as: the Isle of Man or those Spanish Cities in North Africa or Gibraltar, who pretends to be part of Southwest England sometimes, or that region in Greece where it's totally legal to ban women, or Saba & friends who are part of the Netherlands and so should be part of the EU, but aren't, or the Faeroe Islands upon which while citizens of Denmark live they lose their EU citizenship, and on and on it goes. These asterisks almost never end, but this video must.

Agreements

The first EU–South Korea agreement was Agreement on Co-operation and Mutual Administrative Assistance in Customs Matters (signed on 13 May 1997).[6] This agreement allows the sharing of competition policy between the two parties.[7] The second agreement, the Framework Agreement on Trade and Co-operation (enacted on 1 April 2001). The framework attempts to increase co-operation on several industries, including transport, energy, science and technology, industry, environment and culture.[7][8]

Following extended negotiations,[9] the EU and Korea in 2010 signed a new framework agreement and a free trade agreement (FTA) which was the EU's first FTA with an Asian country and removes virtually all tariffs and many non-tariff barriers. On the basis of this, the EU and Korea decided in October 2010 to upgrade their relationship to a Strategic Partnership. These agreements came into force in 2011.[2][3]

Meetings

EU-Korea summits have taken place in 2002 (Copenhagen), 2004 (Hanoi) and 2006 (Helsinki) on the sidelines of ASEM meetings. In 2009, the first standalone bilateral meeting was held in Seoul. The European Parliament delegation for relations with Korea visits the country twice a year for discussions with their Korean counterparts. Meetings at foreign minister level take place at least once a year on the sidelines of ASEAN regional form meetings, however meetings between the Korean foreign minister and the EU High Representative have occurred more frequently, for example at G20 meetings. Ad hoc meetings between officials occur nearly monthly.[10]

List of Summits

2002

  • EU-South Korea Summit (Copenhagen)[11]

2004

  • EU-South Korea Summit (Hanoi)[11]

2006

  • EU-South Korea Summit (Helsinki)[11]

2009

  • EU-South Korea Summit (Seoul)[11]

2010

2012

2013

2015

2016

  • EU-South Korea Summit (Ulaanbaatar)[5]

2018

2020

2021

  • EU-South Korea Summit (G7, Cornwall)[5]

2023

Cooperation

Horizon Europe

Two years after South Korea officially expressed its intention to join Horizon Europe in 2022, South Korea and the European Union signed a Horizon Europe agreement, which is expected to allow Korea to participate in that from 2025.[20]

Science and technology

South Korea and EU held the '2nd Korea-EU Digital Partnership Council' in March 2024, where they decided to invest a total of 12 million euros (16.2 billion won) over the next three years from 2024 to start cooperation in semiconductors, 6G, and cybersecurity.[21]

Trade

Trade in goods between the two parties was about €100 billion in 2017. The EU is the third largest importer of South Korean goods, while South Korea is the ninth largest importer of EU goods.[2]

As of April 2023, Korea is the EU's third-largest importer. Excluding European countries, Korea has secured the third place on the list, following China and the United States.[1]

EU to South Korea

(billion, €)

2016[2] 2019[22] 2020[22] 2021[22] 2022[22]
Services €12.6 €4.6 €3.2 €3.0
Goods €44.1 €44.2 €55.5 €71.9
Investment stocks €50.3 €65.9

South Korea to EU

2016[2] 2019[22] 2020[22] 2021[22] 2022[22]
Services €6.6 €7.7 €6.9 €7.9
Goods €41.7 €45.3 €51.8 €60.2
Investment stocks €19.2 €36.0

See also

References

  1. ^ a b "Korea Emerges as EU's 'Top 3 External Importer'". Business Korea. September 15, 2023.
  2. ^ a b c d e "South Korea - Trade - European Commission". European Commission. Retrieved 2018-12-27.
  3. ^ a b Republic of Korea, European External Action Service
  4. ^ Ramon Pacheco Pardo, Linde Desmaele and Maximilian Ernst (October 2018). "Putting the EU-South Korea partnership to 'work".
  5. ^ a b c "Korea - EU". Embassy of the Republic of Korea to the Kingdom of Belgium and the European Union and Permanent Mission to the North Atlantic Treaty Organization.
  6. ^ Bilateral relations Korea, European Commission
  7. ^ a b "European Commission - South Korea Briefing". European Commission. Retrieved 2009-01-11.
  8. ^ "FRAMEWORK AGREEMENT for Trade and Cooperation between the European Community and its Member States, on the one hand, and the Republic of Korea, on the other hand" (PDF). European Commission. 2001-03-30. Retrieved 2009-01-13.
  9. ^ "S. Korea Strives to Ink FTA With EU at Early Date". The Korea Times. 2009-01-07. Retrieved 2009-01-11.
  10. ^ Political relations, EU delegation to Korea
  11. ^ a b c d "ROK-EU Relations". Ministry of Foreign Affairs of Republic of Korea.
  12. ^ "EU signs record FTA with South Korea". DW News. October 6, 2010.
  13. ^ "Leaders of S. Korea, EU at press conference". Yonhap News. March 28, 2012.
  14. ^ "EU, South Korea summit starts". DW News. August 11, 2013.
  15. ^ "EU-SOUTH KOREA". EU Mornitor. 6 November 2013.
  16. ^ "Korea, EU to put FTA into effect by end 2015". Korea.net. September 16, 2015.
  17. ^ "EU-Republic of Korea summit, 19 October 2018". European Council, Council of the European Union. October 19, 2018.
  18. ^ "S. Korea-EU video summit". Yonhap News. June 30, 2020.
  19. ^ "Full text of joint statement adopted at S. Korea-European Union summit". Yonhap News. May 22, 2023.
  20. ^ "South Korea joins EU's research programme Horizon Europe". Chemistry World. March 27, 2024.
  21. ^ "South Korea and EU to launch joint research on brain-inspired semiconductors". The Chosun Daily. March 28, 2024.
  22. ^ a b c d e f g h "South Korea". European Commission.

External links

This page was last edited on 6 May 2024, at 19:38
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