Seoul, April 17 (IANS) South Korea and the European Union (EU) agreed on Friday to form a strategic economic partnership to expand bilateral ties in trade and economic security amid heightened global uncertainties, Seoul’s trade ministry said.

The agreement was made during the inaugural Korea-EU next-generation strategic dialogue held in Seoul to help the two sides explore deeper cooperation in trade, supply chains and technology, according to the Ministry of Trade, Industry and Resources, reports Yonhap news agency.

Friday’s meeting was attended by South Korean Trade Minister Yeo Han-koo and the EU’s commissioner for trade and economic security, Maros Sefcovic.

“Through this meeting, South Korea and the EU successfully evolved their bilateral relations into a next-generation strategic partnership incorporating economic security, supply chains and advanced technologies from a traditional partnership centered on trade and commerce,” Yeo said in a press release.

The ministry said the Korea-EU strategic economic partnership will serve as a cooperation framework between the two economies, noting the two sides will discuss the details of the new framework in the future.

During Friday’s meeting, Yeo and Sefcovic discussed cooperation in critical minerals, as both Korea and the EU have limited mineral production infrastructure, and agreed to bolster communications on the issue amid ongoing global supply chain disruptions.

They also discussed expanding cooperation in the semiconductor and battery sectors, with Yeo calling on the EU to take into consideration the contributions South Korean companies have made in developing Europe’s battery industry while pushing to legislate its envisioned Industrial Accelerator Act, according to the ministry.

The ministry said South Korea and the EU also held their 13th free trade agreement (FTA) committee meeting Friday and confirmed their final draft of a bilateral digital trade agreement, aimed at expanding their cooperation in the digital economy.

In addition, the two sides agreed on revising automobile-related rules under their FTA to reflect technological advancements and promote trade in the sector while also agreeing to establish a communications channel to address issues related to cosmetics exports, the ministry added.

Other pending trade issues between the two economies, including the EU’s stronger steel safeguard plan and its carbon tax policy, were discussed during the meeting.

—IANS

na/