COOPERATION BETWEEN THE EU AND THE REPUBLIC OF KOREA AT THE PRESENT STAGE

Irina Habro,

Ph.D. (Political Science), Associate Professor,

Petro Mohyla Black Sea National University, Mykolaiv, Ukraine

 

DOI: https://doi.org/10.17721/2524-048X.2024.29.1

 

Abstract.

The article is devoted to the analysis of the features of cooperation between the EU and the Republic of Korea at the present stage. Today, the European Union and the Republic of Korea are important strategic and economic partners, sharing similar values stemming from their liberal-democratic systems. However, the intensification of primarily economic cooperation began only in the late 20th to early 21st centuries, gradually expanding into other areas. Since the establishment of diplomatic relations in 1963, EU-Korea relations have significantly expanded over the past six decades, along with far-reaching changes and progress in our societies, economies, scientific research fields, and digital technologies. Both sides have transformed into strategic partners, sharing universal values, promoting peace, prosperity, and security, and addressing such important global challenges as climate change and the global pandemic.

Korea was the first country in Asia with which the EU concluded three key agreements: a comprehensive Framework Agreement, a Free Trade Agreement, and a Framework Agreement on participation in crisis management operations. Relations between the EU and South Korea are deep and encompass around 40 regular dialogues covering economic, political, security, and cultural cooperation.

There are several challenges that need to be addressed to improve relations between the EU and the Republic of Korea. The first issue is related to the implementation of agreements. Despite the fact that bilateral relations are based on three key agreements and there are numerous channels and forums for communication and cooperation, the relations still lack better and more thorough practical application of the issues discussed or agreed upon in documents. The second challenge is part of the Free Trade Agreement, which was signed in 2010, the first of the new generation agreements signed by the EU and the second largest free trade agreement in history. However, over the past decade, the world has changed. An area insufficiently covered in the agreement is e-commerce, which has grown even more significantly over the past two years of the global pandemic. Nevertheless, on October 31, 2023, during the 11th EU-Korea Trade Committee meeting, the parties agreed to start negotiations between the EU and Korea on a digital trade agreement.

Keywords: European Union, Republic of Korea, cooperation, strategic partnership, trade and investment relations, digital partnership.

 

Submitted 15.07.2024

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