[Full Text] Korea-EU Virtual Summit Joint Press Release: "Maintaining Trade Openness"

President Moon Jae-in is holding a video summit with Charles Michel, President of the European Council, and Ursula von der Leyen, President of the European Commission, of the European Union (EU) at the Blue House on the 30th. 2020.6.30 [Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] On the 30th at 4 p.m., President Moon Jae-in held a video summit at the Blue House with Charles Michel, President of the European Union (EU) Council, and Ursula von der Leyen, President of the European Commission. Both sides agreed to further develop the Korea-EU strategic partnership, which marks its 10th anniversary this year, and to cooperate on global issues such as the response to the novel coronavirus disease (COVID-19), climate change, and multilateral trade.

Below is the full text of the joint press release from the Korea-EU summit.

[Full Text]

1. President Moon Jae-in of the Republic of Korea and Charles Michel, President of the European Union (EU) Council, along with Ursula von der Leyen, President of the European Commission, held a video summit on June 30, 2020.

2. The leaders recognized that the global spread of COVID-19 is causing suffering to humanity, placing enormous burdens on health and welfare systems, severely impacting economies, and threatening jobs, affecting all countries worldwide. They expressed a strong commitment to overcoming these challenges together in solidarity with international partners, including the Group of Twenty (G20) and the United Nations (UN). The leaders shared common values such as democracy, human rights, fundamental freedoms, the rule of law, and non-discrimination, emphasizing the importance of effective multilateralism.

3. The leaders commemorated the 10th anniversary of the establishment of the Korea-EU strategic partnership and reaffirmed their commitment to the partnership, supported by the Framework Agreement, Free Trade Agreement (FTA), and the Crisis Management Participation Agreement. They explored new areas of cooperation within the framework of the strategic partnership and expressed hope to hold a summit in Seoul in the near future when conditions permit.

4. The leaders shared their experiences in responding to the COVID-19 pandemic. The EU acknowledged Korea’s transparent, open, democratic, proactive, and innovative measures to prevent and respond to COVID-19. They emphasized the importance of strengthening response capabilities and information sharing. Korea and the EU will explore ways to enhance cooperation in this area, including collaboration between health authorities and disease control centers. In this regard, the leaders welcomed COVID-19-related cooperation between Korea’s Ministry of Food and Drug Safety and the European Medicines Agency. They discussed the need for mutual support to ensure access to medical supplies and cooperation in vaccine and treatment research and development to respond to emerging infectious diseases. The leaders urged that future COVID-19 vaccines should be considered a global public good. They highly appreciated the successful “Coronavirus Global Response” fundraising initiative launched on May 4, which raised over 9.8 billion euros. President Moon welcomed the EU’s initiative, and EU leaders expressed gratitude for Korea’s contribution.

5. The leaders reaffirmed their support for the World Health Organization (WHO), which has played a coordinating role in the COVID-19 pandemic response. They welcomed the recent adoption of the resolution at the 73rd World Health Assembly, which mandates the WHO Director-General to initiate a fair, independent, and comprehensive process to review the experiences and lessons learned during the international response to COVID-19 as soon as appropriate and in a phased manner.

6. The leaders confirmed their commitment to supporting developing countries, including those in Africa, in responding to the impacts of the COVID-19 pandemic. They welcomed the EU’s pledge of over 36 billion euros in support alongside its member states and Korea’s intention to strengthen assistance to partner countries to enhance health systems and address socio-economic impacts. They also welcomed financial support at the level of the International Monetary Fund (IMF), the World Bank, and other international organizations, as well as the temporary debt repayment suspension measures for the poorest developing countries agreed upon at the G20 and Paris Club.

7. The leaders expressed their commitment to robust economic recovery and building more resilient, sustainable, and inclusive economies and societies. They agreed to incorporate green transition and digital transformation into economic recovery strategies. They welcomed the G20 Action Plan adopted by G20 finance ministers and central bank governors to support the global economy during and after the COVID-19 situation and agreed to continue cooperation.

8. The leaders reaffirmed three essential goals for global economic recovery: maintaining openness of markets and trade systems, addressing shocks to global supply chains, and creating a free, fair, non-discriminatory, transparent, predictable, and stable trade and investment environment. In this context, they welcomed the “G20 Action Plan to Support World Trade and Investment in Response to COVID-19” approved by G20 trade ministers. They emphasized that emergency measures taken for health protection to avoid unnecessary barriers to cross-border movement and trade should be goal-oriented, proportionate, transparent, and temporary.

9. The leaders agreed to strengthen the rules-based multilateral trading system centered on the World Trade Organization (WTO) and enhance the WTO’s relevance through thorough reform. They agreed on the importance of exploring possible ways to facilitate trade in medical supplies among WTO members to strengthen global preparedness for health emergencies. They committed to further strengthening the implementation of the Korea-EU FTA. In this context, they recognized the urgent need to ease non-tariff trade barriers, including improving mutual market access for agricultural products, and to streamline administrative procedures. EU leaders urged Korea to continue efforts related to labor, including ratification of the International Labour Organization (ILO) fundamental conventions.

10. The leaders emphasized their strong commitment to the full, swift, and effective implementation of the Paris Agreement. They shared the view that COVID-19 recovery measures can be an opportunity to accelerate the transition to climate neutrality. They stressed the urgent need to strengthen global responses to climate change and environmental degradation. They recognized that the 2nd P4G (Partnering for Green Growth and the Global Goals 2030) Summit scheduled for 2021 will serve as a stepping stone for the success of the 26th UN Climate Change Conference of the Parties (COP26) and agreed to cooperate for a successful summit. EU leaders welcomed the constructive role of the Global Green Growth Institute (GGGI) in climate change response. The leaders also acknowledged the value of Korea-EU cooperation on energy transition to a green economy and pledged to promote innovation and renewable energy.

11. The leaders agreed to strengthen cooperation in responding to the Fourth Industrial Revolution by promoting human-centered digitalization and encouraging the safe and ethical implementation of artificial intelligence (AI) technologies. They will seek new opportunities to enhance cooperation in research and innovation and launch a high-level dialogue on the digital economy in the near future. They also welcomed significant progress in Korea-EU consultations on adequacy decisions for personal data protection aimed at promoting secure cross-border data flows through strong integration of data protection standards that guarantee a high level of personal information and privacy protection.

12. The leaders agreed to enhance joint efforts to improve connectivity based on the principles of sustainability, openness, inclusiveness, and transparency, respecting a “level playing field.” In this regard, they welcomed the signing of the Korea-EU horizontal air transport agreement and expressed their intention to launch a consultative body in the transport sector.

13. The leaders discussed the geopolitical situation amid the COVID-19 pandemic. They emphasized their commitment to upholding a rules-based international order and looked forward to substantive cooperation in areas such as cybersecurity, countering fake news, and hybrid threats. They expressed concern over the exacerbation of conflicts in some regions due to the spread of COVID-19 and the difficulty in protecting civilians, especially the most vulnerable, amid armed conflicts. They supported the UN Secretary-General’s call for an immediate global ceasefire and stressed the importance of respecting humanitarian principles.

14. The leaders reaffirmed their commitment to consult and cooperate to promote global peace and stability based on existing international obligations and commitments under international law. They discussed the situation on the Korean Peninsula. The EU confirmed its support for the Korean government’s efforts to continuously engage North Korea to achieve peace and prosperity on the peninsula. The leaders also exchanged views on the Iran nuclear deal (JCPOA) and the conflict in eastern Ukraine.

This content was produced with the assistance of AI translation services.