On November 9, 2023, at 9:30 a.m. the Korea Institute for International Economic Policy (KIEP) convened an international seminar on the theme of "2023 Seminar on Potential for Trilateral Trade Cooperation among Korea, the EU, and the U.S." The event was held at the Four Seasons Hotel in Seoul, in cooperation with the Korea Foundation-Vrije Universiteit Brussel Korea Chair (KF-VUB Korea Chair) and the Korea Economic Institute of America (KEI).

New issues such as economic security, digital trade, technology, climate change and energy are emerging. These changes have increased the need for trade cooperation among Korea, the EU and the United States. This requires new trade strategies that go beyond traditional trade policies such as FTAs. Therefore, KIEP, the KF-VUB Korea Chair, and KEI have come together to convene this joint seminar, aiming to explore solutions to these emerging trade challenges. The seminar has featured discussions led by former senior officials, a representative of business sector, and experts in the field.

The seminar began with opening remarks by Chul Chung, KIEP’s Senior Vice President for External Affairs, and welcoming remarks by Pacheco Pardo, KF-VUB Korea Chair of the Brussels School of Governance, and Kathleen Stephens, KEI President & CEO . There were also remarks by Byung Nae Yang, Deputy Minister for Trade of the Republic of Korea, and Maria Castillo-Fernandez, Ambassador of the European Union to the Republic of Korea. Andrew Herrup, Minister Counselor for Economic Affairs at the U.S. Embassy in Seoul, provided insights.

In his opening remarks, Senior Vice President for External Affairs Chul Chung of KIEP highlighted Korea's historic economic growth through cooperation with both the EU and the United States. He emphasized that FTAs with these nations have resulted in significant increases in trade, exceeding 90% and 70%, respectively. Senior Vice President Chung emphasized the importance of continued cooperation in various areas, including economic security, digital trade, key and emerging technologies, and climate change. Noting that these challenges cannot be resolved by any one single nation alone, he stressed the need for cooperation among like-minded countries, such as Korea, the United States, and the European Union.

The Ambassador of the European Union to the Republic of Korea, Maria Castillo-Fernandez, expressed her regret that she was not able to attend the event in person due to her assignment in Brussels. She emphasized the importance of trilateral cooperation among the three countries, especially in areas such as multilateral systems, rule-based orders, market access, green and digital technologies, and security.

The first session, entitled "Potential and Prospects for Trilateral Cooperation," was moderated by the former Ambassador of the Permanent Mission of the Republic of Korea in Geneva, Seokyoung Choi. The Korean panelist for this session was the former 2nd Vice Minister of Foreign Affairs of the Republic of Korea, Taeho Lee, while the European panelist was Minister Counsellor Christophe Besse, Head of the Trade and Economy Section of the Delegation of the European Union to the Republic of Korea, and the U.S. panelist was Matthew Goodman, a distinguished fellow at the Council on Foreign Relations.

The second session, entitled "Cooperation on Economic Security, Technology, Digital Trade, Climate Change, and Energy," was moderated by Professor Jee-Hyeong Park of Seoul National University. Korean panelists included Jin-Young Moon, head of KIEP's New Cooperation Team, Wonho Yeon, head of Economic Security Team at KIEP, and Kyu Yup Lee, head of KIEP's New Trade Strategy Team. European panelist Grace Oh, chairperson of Swedish Chamber of Commerce in Korea, and U.S. panelist Troy Stangarone, Senior Director at KEI, contributed to the discussion.

Participants recognized the significance of this event in the context of an increasingly fragmented global economy. The seminar provided a platform for experts from Korea, the United States, and the European Union to discuss cooperative solutions, uphold the multilateral trading system, and address global challenges.

- Title: 2023 Seminar on Potential for Trilateral Trade Cooperation among Korea, the EU, and the U.S.

- Date: November 9, 2023, Thursday, from 9:30 AM to 2:00 PM Korean Standard Time, 1:30 AM Brussels Time, and 7:30 PM Eastern Time (USA).

- Venue: Four Seasons Hotel Seoul

- Hosted by: Korea Institute for International Economic Policy (KIEP), Korea Foundation-Vrije Universiteit Brussel (VUB) Korea Chair, Korea Economic Institute of America (KEI)

- Contact: Boram Min, Researcher of Americas Team (brmin@kiep.go.kr)