The 7th Korea-EU Joint Committee Meeting was held on 9 February 2009 in Seoul, co-chaired by Ahn Ho-young, Deputy Minister for Trade at the Ministry of Foreign Affairs and Trade, on the side of Republic of Korea, and Mr. Karel Kovanda, Deputy Director-General for External Relations at the European Commission, on the EU side.
The Korea-EU Joint Committee Meetings have been held since 2001 as a means to exchange views on a wide range of trade issues and cooperation activities at the deputy-ministerial level between Korea and the EU. The meetings are established under the Framework Agreement on Trade and Cooperation, a legal foundation for the overall relationship between Korea and the EU, which was signed in 1996 and entered into effect on 1 April 2001. Negotiations for revising the Framework Agreement are ongoing. The meetings also involve extensive policy dialogue on matters of mutual interest from a broader standpoint.
The 7th meeting in particular confirmed that Korea and the EU would strengthen joint efforts to address the global financial crisis, reject protectionism, seek the conclusion of the Korea-EU FTA negotiations and the revision of the Framework Agreement as soon as possible, resolve pending trade issues in an amicable manner and step up cooperation in various areas, including science and technology, air transport, competition policy, education, culture, environment and development assistance policy.
1. Cooperation to Tackle Global Financial Crisis
Both sides recognized the critical importance and urgency of international cooperation, including close cooperation within the G-20, in order to address serious challenges to the world economy and financial markets.
2. Rejecting Protectionism
Both sides emphasized the necessity of a timely and prompt implementation of the G-20 Summit Declaration in November 2008, through which world leaders committed themselves to refrain from imposing new trade restrictions within the next 12 months. In line with G-20 commitments, both sides called for trade restrictive measures to be avoided. They reaffirmed their determination to avoid raising trade barriers to investment or to trade in goods and services.
3. Commitment to Resolve Pending Trade Issues
Both sides acknowledged the substantial progress achieved in recent months in resolving trade issues. Amid the considerable recent progress achieved in the Korea-EU FTA negotiations, they pledged to intensify cooperation to resolve other pending trade issues in a mutually satisfactory manner.
4. Enhancement of Cooperation Activities
Both sides welcomed the recent positive developments in cooperation in the areas of science and technology, air transport, competition policy, education, culture, environment and development assistance policy. They also welcomed the launching of the EU’s Gateway programme for business cooperation in Korea, the selection of two additional EU Centres at Korean universities, and the success of Executive Training Programme. Both sides confirmed the importance of further cooperation in people-to-people exchanges.
5. Early Conclusion of the Korea-EU Free Trade Agreement and Framework Agreement Negotiations
Both sides reaffirmed their objective to conclude the Korea-EU FTA negotiations and the Framework Agreement negotiations as early as possible.
They emphasized that the prompt conclusion of the Korea-EU FTA would not only bring about considerable economic benefits to both sides, contributing to revitalising their economies, but also send a positive signal to the world that two major economies remain committed to the spirit of the G-20 Declaration. Both sides agreed to maximise the positive effects of Korea-EU FTA on their economies and trade.
The wider relationship will also be upgraded through revising the current Framework Agreement and expanding its political and economic provisions. With these two complementary, mutually reinforcing wide-ranging agreements, both sides strive for a strong partnership, which will bring mutual benefits to their developed societies. This is a signal to the outside world that Korea and the EU are like-minded partners, which are jointly committed to the same core values.
