Eu South Korea Strategic Partnership Agreement

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  • Post published:February 16, 2022
  • Post Category:Uncategorized

An effective way to reduce greenhouse gas emissions is through an Emissions Trading System (ETS). The Republic of Korea is the first country in Asia to adopt a national ETS and, as such, is at the forefront of reducing emissions. Building on the success of the EU ETS, an EU-funded project is supporting the implementation of Korea`s Emissions Trading System (KETS). With the support of the EU Partnership Instrument, representatives of the public and private sectors will receive support on the technical and strategic aspects of implementation, as well as on compliance and new mitigation technologies. The project, jointly led by the EU and the South Korean Ministry of Environment, aims to unlock the potential of the ETS to transform the Republic of Korea into a low-carbon economy. The EU-South Korea Free Trade Agreement had been in place provisionally since July 2011 before being formally ratified in December 2015. Fifty-eight years ago, on 24 July 1963, the Republic of Korea and the European Economic Community (EEC), the former name of today`s European Union (EU), established diplomatic relations. At the time, it was difficult to predict the future of this partnership. Korea was one of the poorest countries in the world and the EEC was struggling to find ways to peace and prosperity after the two terrible world wars through economic cooperation among its six member States at the time. As our strategic partnership celebrates its 11th anniversary this year, it`s time to take our relationship to a new level. In order to continue to make our relations relevant to our common interests and those of the international community, we must actively expand the scope of our partnership, not only for the benefit of both sides, but also of the entire world. Of course, the Korea-EU Free Trade Agreement has served as the backbone of our relations over the past decade, as the EU`s first trade agreement with an Asian country, as well as the first “next-generation free trade agreement” that includes a chapter on sustainable development. But as the name “Strategic Partnership” suggests, our relationship has evolved into a broader relationship that has some added value.

We have worked closely together to strengthen the rules-based international order and multilateralism and address global challenges, based on common values and interests and through various strategic channels of dialogue that take place on a regular basis. However, when we look back on the path our partnership has taken, it is simply remarkable. The EU, made up of 27 Member States, became Korea`s third largest trading partner and foreign investor, and Korea quickly became the world`s tenth largest economy. Korea and the EU developed their relations into a “strategic partnership” in 2010, and Korea was the first country to conclude the three main agreements with the EU in the areas of free trade, security and crisis management. The EU and South Korea meet regularly to discuss issues and best practices in the implementation of the agreement. The committees, working groups and other bodies of the Agreement meet regularly. To fulfil their obligations under the agreement, the EU and the Republic of Korea are harnessing the strong potential of non-state actors on the ground to reduce carbon emissions. The EU-Korea Bilingual Digital Platform on Climate Change will provide space for civil society, city representatives, businesses and academia to share best practices and strengthen the EU-South Korea climate partnership. In addition, seminars and workshops will be organised and technical assistance will be provided to complement the exchange and support the partnerships created under this digital platform, in particular on energy-efficient buildings and low-carbon mobility.

The 1. July 2019 marked the eighth anniversary of the EU-South Korea Free Trade Agreement. The agreement gradually and gradually eliminates tariffs on industrial and agricultural products. The EU Partnership Instrument funds projects that enable the EU to promote its strategic interests, shape global change and promote fundamental values. Under the Partnership Instrument, the EU works with partners around the world to address global challenges and find common solutions to issues of mutual interest. This year, despite the major challenges caused by COVID-19, the partnership between Korea and the EU has continued to thrive and expand both in depth and scale. It has made significant progress on issues of mutual interest, such as Korea`s ratification of core ILO conventions, the EU`s first adequacy decision on the GDPR (General Data Protection Regulation) and Korea`s declaration on climate neutrality by 2050. In addition, in 2020 and 2021, for two consecutive years, we held our “High-Level Political Dialogue” to discuss how to address common issues such as the COVID-19 pandemic and ensure global peace and stability through cooperation in the fight against piracy, terrorism, cybersecurity and other areas of security. The agreement has created new opportunities for access to the services and investment market and contains provisions in areas such as competition policy, public procurement, intellectual property rights, regulatory transparency and sustainable development. These bodies also provide an opportunity to seek solutions to market access problems and to engage in closer cooperation on regulatory issues. An annual trade committee at ministerial level has an oversight function and aims to ensure the proper functioning of the agreement.

It went further than any previous EU agreement to remove trade barriers and was also the EU`s first trade agreement with an Asian country. The agreement established a number of technical committees and working groups between the two sides to monitor implementation. As noted by the famous historian Arnold J. Toynbee, civilizations have emerged in response to a number of extremely difficult challenges throughout our history. Our future depends on how we respond to today`s challenges. If we stand the test of time and move forward, the global community can take a big step towards a better and bigger future. In these difficult times of uncertainty, close cooperation between the best like-minded partners, such as Korea and the EU, is needed more than ever. If we gather our wisdom and reach out to prepare a new partnership that goes beyond mere economic cooperation and includes a global agenda for climate action, digital, vaccines and supply chains, as well as security and policy areas, I am sure that the Korea-EU partnership can set a good precedent for the world as a forward-looking and co-prosperous partnership, which is versatile and capable of contributing to the global good. More information on the practical application of the agreement. In 2010, the EU and South Korea strengthened their wider relations into a strategic partnership. On 10 May 2010, the two parties signed a framework agreement, which entered into force on 1 June 2014.

It forms the basis for enhanced cooperation on important political and global issues such as human rights, the non-proliferation of weapons of mass destruction, the fight against terrorism, climate change and energy security. It is a comprehensive political cooperation agreement with a legal link to the EU-South Korea Free Trade Agreement. In 2018, he received the Silver Order of Merit with Star from the Government of the Republic of Austria and in 2020 the Honorary Citizenship of Seoul from the Metropolitan Government of the Republic of Korea. Prior to his current mandate, he was Deputy Minister of Foreign Affairs at the Ministry of Foreign Affairs (2016-2017), Ambassador Extraordinary and Plenipotentiary to the Kingdom of Belgium and the European Union, as well as to Luxembourg (2015-2016) and Deputy Minister of the Economy at the Ministry of Foreign Affairs (2013-2015). .