South Korea and the European Union have agreed to develop a strategic economic alliance to strengthen trade ties and economic security.

South Korea and the European Union agreed on Friday to collaborate to establish a strategic economic alliance, aimed at strengthening trade ties and economic security in the context of global instability. The initiative was announced during the first South Korea-EU new generation strategic dialogue held in Seoul, with the participation of South Korea's Minister of Industry, Yeo Han-koo, and the European Commissioner for Trade, Maros Sefcovic. The partnership will include cooperation in the field of critical minerals, advanced technologies, and supply chains, considering the competition between the United States and China and the expansion of protectionism. The parties also agreed to further strengthen collaboration in the semiconductor and battery sectors and to form a working group for the cosmetics industry. Trade volume has increased by over 50% since 2011, with projections to reach 116 billion euros in goods exchanges by 2025.