During the meeting on the 22nd, the heads of Korea and the European Union (EU) agreed to communicate closely to ensure that legislation such as the Carbon Boundary Adjustment System (CBAM) and the Core Raw Materials Act (CRMA), which the EU is promoting, do not impose restrictions on bilateral economic cooperation. The president made the announcement at a joint press conference after the meeting. At the end of the simultaneous visit by the EU President and the European Commission President in 11 years, President Yoon held a busy ‘diplomatic super week’, including the G7 summit held in Hiroshima on the 19th and 21st and 13 bilateral and multilateral talks held before and after the war. has finished
President Yun adopted a joint statement eight years after having a summit meeting with European Commission President Charles Michel and European Commission President Ursula von der Leyen at the Presidential Office in Yongsan on the same day. The two sides agreed to continue consultations on EU economic legislation and core raw materials laws, and to strengthen cooperation on the development of an early warning system. President Yoon said, “We decided to strengthen cooperation to promote economic security and build a resilient supply chain.”
The Core Raw Materials Act included in the joint announcement is called the ‘European version of the Inflation Reduction Act (IRA)’ as it reduces dependence on imports such as ‘de-China’ of raw materials and significantly expands the proportion of processing in the EU. President Yoon’s direct communication to the EU leadership that the European version of the IRA should not impede economic cooperation was requested in summit diplomacy with US President Joe Biden to minimize damage to Korean automobile and battery companies under the US IRA. It is interpreted in context with what was done. Korea and the EU agreed to expand existing areas of cooperation, such as free trade agreements (FTAs), into new fields of cooperation, such as environment, health, digital, and economic security.
The two sides also condemned Russia, saying, “Russia must cease aggression and withdraw all military forces immediately, completely and unconditionally from all internationally recognized territories of Ukraine.” “We agree to continue and intensify joint pressure on Russia,” he said.
EU leaders supported the government’s denuclearization policy toward North Korea, the “Bold Initiative,” and were concerned about human rights violations in North Korea. The leaders of the ROK and EU also reaffirmed their support for “freedom of overflight and navigation” in the South China Sea and stressed the importance of maintaining peace and stability in the Taiwan Strait, targeting China as well. The two sides also voiced their voices on the cross-strait (China and Taiwan) issue, saying, “We oppose the unilateral attempt to change the status quo in the Indo-Pacific.”
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.