President Yoon Suk Yeol’s Focus on Economic Cooperation During UK State Visit
Upon his arrival in London on the 20th (local time), President Yoon began his official state visit by meeting with Korean residents. During his state visit, President Yoon will adopt the Downing Street Accord with Prime Minister Rishi Sunak to mark the 140th anniversary of diplomatic relations between the two countries.
Adoption of the Downing Street Accord and Upgrade to “Global Strategic Partnership”
The relationship upgrade between the two countries will elevate it from a “Broad and Creative Partnership” to the highest level of cooperation, the “Global Strategic Partnership.”
The Downing Street Accord is expected to highlight the joint stance of both countries on issues like North Korea’s nuclear program. It will also express a joint will to address global issues, including the situation in Ukraine, the Indian-Pacific region, and the Middle East.
With the relationship upgrade, the two countries are expected to agree on deepening cooperation in various fields. They will also agree to cooperate on multilateral stages such as the United Nations Security Council (UNSC), the G20, and G7 to strengthen the rule-based order in the international community.
The presidential office expressed its expectation that the adoption of the Downing Street Accord and the upgrade of the relationship to a global partnership will “solidify the cooperative relationship that South Korea and the UK have built over 140 years and lay the groundwork for a leap in the relationship for future generations of both countries.”
The two countries will also begin negotiations to improve the FTA. Kim Eun-hye, the presidential office’s public relations chief, predicted in a local briefing on the 20th that the FTA improvement negotiations will “create an environment for free trade and investment between South Korea and the UK, creating new wealth for companies in both countries.”
Key Agreements and Collaborations to Enhance Defense, Semiconductor, and Cyber Capabilities
During President Yoon’s state visit, the parties will sign various agreements, including a Memorandum of Understanding (MOU) on semiconductor cooperation, an MOU on joint defense exports, a Partnership Intention Letter on defense power cooperation, and a Strategic Cyber Partnership. The two countries will also enhance their defense and security cooperation by expanding joint training and promoting joint maritime patrols to implement UN Security Council sanctions against North Korea.
The presidential office expects the future establishment of a strong supply chain (through semiconductor cooperation), the development of defense cooperation (through joint defense exports and defense power cooperation), and the enhancement of capabilities to respond to cyber threats (through a strategic cyber partnership) from these cooperations.
Kim, the senior presidential secretary, said in a local briefing that “advanced technology cooperation with the UK, which has the world’s top semiconductor design company and world-class basic science capabilities, will be a foundation for the prosperity of both countries and greatly help expand the playground for South Korean companies.”
On the 22nd, President Yoon will discuss economic and financial cooperation measures for macroeconomic issues and mutual investment promotion at a summit with Prime Minister Rishi Sunak. They will also discuss economic cooperation measures in future industrial fields such as artificial intelligence (AI), digital, nuclear power, space science, bio, quantum technology, offshore wind power, and clean energy. The two leaders will declare their joint will to respond to global issues, including the climate crisis.
Participation in Major Economic Events and Exploration of Business Opportunities
On the same day, President Yoon will also participate in major economic events such as the Korea-UK Business Forum, the Korea-UK Top Scientist Future Forum for Science and Technology, and a banquet hosted by the Lord Mayor of the London Financial District. President Yoon will explore ways to create business opportunities at the Business Forum between the two countries. At the Future Forum, where top scientists from Korea and the UK gather, he is expected to deliver a speech on strengthening cooperation in science and technology. People are interested in whether the two countries will cooperate financially at the banquet hosted by the Lord Mayor of the London Financial District.
Meanwhile, President Yoon said in the first schedule of his state visit to the UK on the 20th, meeting with Koreans, “Through this visit, we will build a new security cooperation system between the two countries, initiate negotiations to improve the Korea-UK FTA, and aim to upgrade the levelKoreanly chain and trade cooperation, while expanding the horizon of cooperation between the two countries in the fields of AI, nuclear power, bio, space, semiconductors, and clean energy.”
In a local briefing, Kim, the senior presidential secretary, said, “President Yoon will create new business opportunities by solidifying the foundation of supply chain and trade cooperation with the UK based on a solid science and technology alliance during this state visit.”
By. Choi Young Hun
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