South Korea is a key, like-minded partner for the EU in an increasingly important part of the world. The EU-Korea relationship has evolved over the past few years, based on shared values, common issues of global concern and the increasing role of both partners at world stage. This is demonstrated by the signing of two agreements during 2010. The new Framework Agreement [101 KB]  (FA) and Free Trade Agreement (FTA) create a broad and comprehensive relationship. They will boost trade and investment relations, underpin political dialogue, step up coordination and dialogue on global issues and stimulate sector cooperation.

Signature of the  Framework Agreement (10 May 2010) is an important step in relations and provides a basis for strengthened cooperation and dialogue across the board. The Agreement addresses a wide range of international concerns, including non-proliferation of weapons of mass destruction, human rights, cooperation in the fight against terrorism, climate change, energy security and development assistance. 

The EU intends to step up cooperation in sectors such as science & technology, innovation, education, environment, etc. For example, in 2011 the number of EU-Centres in South Korea is set to increase from two to four.

The groundbreaking Free Trade Agreement signed at the EU-Korea summit   (6 October 2010) constitutes the EU’s first such deal with an Asian country. It integrates the European and Korean economies up to an unsurpassed level, removing virtually all tariffs and many non-tariff barriers between the two partners.

On the basis of these two agreements, the EU and South Korea decided at their October 2010 summit to upgrade their relationship to a Strategic Partnership. This ensures a higher level of commitment from both sides, and provides a basis for intensifying EU cooperation with a vital and increasingly active partner on the global stage.

For the time being, the 2001 agreement  continues to govern the relationship while the new Framework Agreement is undergoing national ratification procedures in all EU Member States. However, its provisional application is expected by the end of 2011.