Strengthening EU-Korea trade ties amid global challenges

On 24 September, a delegation from the Korean International Trade Association (KITA) met with BusinessEurope Director General Markus J. Beyrer and Deputy Director General Luisa Santos in Brussels.

The exchange focused on ways to strengthen trade and investment between the EU and South Korea, especially in the light of the current global challenges of rising geopolitical tensions and growing protectionism. South Korea is the EU's 8th largest trading partner in goods, while the EU ranks as Korea's 3rd largest. Since the EU-South Korea Free Trade Agreement came into force in 2011, trade in goods has jumped by 106%. BusinessEurope and KITA have been key partners, working together to create more opportunities for businesses on both sides. Beyrer highlighted the important role that both the EU and Korea play in upholding an open, rules-based trading system.

He also emphasised joint efforts in diversifying markets and reducing dependencies, which are crucial in today’s shifting economic landscape. KITA’s chairman, Jin Sik Yoon, welcomed the prospect of closer cooperation with BusinessEurope, particularly in enhancing mutual investment and ensuring the smooth implementation of new trade-related laws. This meeting reinforced both organisations’ commitment to working together to strengthen economic ties and support businesses as they navigate an increasingly complex global market.

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Invitation: 1 October, 12.00 - 16.00, Brussels

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Did you know?

Quote of the week

"BusinessEurope agrees with the analysis tabled in the Letta and Draghi reports. Europe's competitiveness is clearly undermined and there is a need of urgent decisions to put our economy back on track".

Our Director General Markus J. Beyer wrote in a letter to Márton Nagy, Minister of National Economy of Hungary, Chair of the EU Competitiveness Council, on our key messages to EU Competitiveness Council of 26 September 2024.

Latest letter

The EU Benchmarks Regulation

18 September

Read the letter from Markus J. Beyrer to Coreper.

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