European Union–Republic of Korea Cooperation on Economic Security: Opportunities, Limits and Challenges

This piece is a revised version of a paper presented at the conference on “New Convergences in EU-ROK Economic Security Relations”, organised in Rome on 30 January 2024 by the Istituto Affari Internazionali (IAI). In a context of heated great power rivalry and geopolitical tensions, security concerns now tend to prevail over considerations of economic efficiency. This change in context is particularly challenging for the European Union, first because of the potential differences in security perceptions across its member states, and secondly because its economic model has been based on an open, intervention-free economy. As a result, the EU’s economic security strategy places a heavier emphasis on protecting its economy than on promoting its competitiveness through industrial policy-like measures. But the strategy also relies on partnering with other countries, with South Korea as an ideal partner due to the existing mechanisms already in place between the two countries to address economic security-related issues. Table of content Introduction 1. The rise of economic security concerns 1.1 The discontent with globalisation 1.2 Defining economic security 2. The EU and economic security 2.1 The need for a paradigm shift in the EU 2.2 The EU’s economic security strategy: Derisking as a priority 2.3 The instruments of EU’s economic security strategy 3. Scope for cooperation on economic security 3.1 General considerations on the challenges of bilateral cooperation 3.2 The way forward References >>> Read the article on the Instituto Affari Internazionali's website.