EU-Korea trade relations in the context of global disruption: political and legal perspectives

Abstract

Trade has long been the foundation of relations between the Republic of Korea and the European Union, and the conclusion of a comprehensive free trade agreement between the two sides in 2011 was both a recognition of the value of economic exchange and a catalyst for deeper cooperation in subsequent years. This paper discusses in some detail the governance of trade relations and other aspects of economic cooperation between Korea and the European Union, highlighting the multilayered nature and the expanding scope of legal ties between the two sides. The positive bilateral cooperation occurs however against the background of a changing and increasingly challenging global context. The failure of the Doha Round, the limitations of the World Trade Organization, and the growing concerns about de-coupling between the USA and China are all developments that complicate efforts towards trade liberalization and indeed threaten to disrupt global trade significantly. These adverse trends contain particular risks for Korea and the EU, both close allies of the USA and also both economies that are deeply integrated with the Chinese economy. Managing Korea-EU trade relations is therefore becoming both more complicated but also more important, and in conclusion, the paper provides an outlook on these future challenges.